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Long Term Care Planning Archives

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.

Estate planning for future health needs in Ohio

When an individual comes up with a retirement plan, he or she is concerned with risks such as how to invest, the risk of such investments and how they hold their value in the long run. One other risk that needs to be considered is the risk of a spending shock. Therefore, a retirement plan should consider the need to be prepared for long-term care as a person gets older.

Cognitively impaired often lose out on insurance benefits

Paying out-of-pocket for long-term care is simply impossible for many Ohio elderly people and their families. According to Genworth Financial, the median price for a one-year stay in a private room at a U.S. nursing home is $91,250. Aware of the potential for this future expense, many elderly people begin paying for long-term care insurance long before they need to check into a long-term care facility.

Options for long-term care planning

Many Ohio residents are facing the need of having to consider long term care planning for their loved ones or for themselves. It is better to do this planning ahead of time rather than waiting until it is necessary so that people can take their time and explore their options. This gives them the chance to visit and evaluate facilities for senior care rather than having to rush into a situation that is less ideal due to a health crisis.

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