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Long Term Care Planning Archives

Will our LGBTQ elders face discrimination in nursing home care?

As we celebrate Pride Month, it's a good time to ask ourselves how the LGBTQ community is doing in terms of long term care planning and elder law concerns. Unfortunately, there is reason to be concerned.

How to pay for long-term care

Roughly 70 percent of people in Ohio and around the country will need long-term care at some point in their lives. This is according to the U.S. Department of Health and Human Services. However, most people are not ready for the financial impact that such care may bring. In some cases, buying a short-term care policy can provide about 12 months for an individual and that person's family to figure out how to pay for care into the future.

How to pay for long-term care needs

Data from the U.S. Department of Health and Human Services indicates that 70 percent of those who are 65 and older will need long-term care. Therefore, most Ohio residents can benefit from engaging in long-term care planning. Ideally, an individual will create a plan long before they actually need to put it into place. There are many options, including buying a long-term care insurance policy.

The importance of care planning

Ohio residents who are creating an estate plan should also think about health care and long-term care planning. Even without long-term care, health care can quickly deplete a person's retirement savings. Fidelity Investments reports that out-of-pocket health care expenses for the average American couple total $260,000 during their retirement years, and that number appears to be on the rise.

Medicaid planning is crucial to protect assets

Older Americans and people planning for the future in Ohio may have medical planning at the top of their agenda. This is especially the case if they are concerned about the costs and asset depletion rules that can accompany access to Medicaid's nursing home and long-term care provisions. Long-term care planning can be an important part of a family's financial plan for the future, protecting assets for senior citizens as well as providing a sustainable life moving forward.

How retirees can pay for long-term care

For many Ohio residents who are preparing to retire, being able to pay for long-term care is among their biggest concerns. Some assume that Medicare will pay for long-term care. However, this is not always the case as Medicare only pays for a limited amount of long-term care under certain circumstances.

The importance of signing up for Medicare Part B promptly

While Ohio residents generally sign up for Medicare Part A coverage when they reach the age of 65, many put off signing up for Part B benefits while they are still working and covered by health insurance provided by their employers. However, they may be wise to act quickly when they do leave their jobs. This is because failing to sign up for Medicare Part B benefits within eight months of retiring can lead to a lifetime penalty and possibly expensive gaps in coverage.

Planning for retirement and long-term care

With the cost of long-term care at about $8,000 monthly, and the fact that most people live 20 to 30 years after they retire, Ohio residents may be wondering how to pay for this need should it arise. Annuities, living benefits and long-term care insurance are some dependable solutions to this expensive predicament.

Legal guidance regarding long-term care planning

Representing clients throughout northeastern Ohio, our attorneys want to provide you with the knowledge you need regarding your long-term health care financial options. With more than two decades of experience, our team will work to help you select the long-term care financial plan that is most suitable to your circumstances.

Preparations for managing an elder's assets and health

People with elderly relatives in Ohio might need to step in and manage their assets and make decisions at some point. Some legal paperwork done before an aging parent becomes incapacitated will limit disruptions and the need to go to court to have the parent declared incompetent in order to obtain guardianship.

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