Everyone is going to age. As a result, it's necessary to take steps to plan for aging. Long-term care planning is the formal name for the legal process of planning for your care once you reach elder status. It is the plan you make that covers your need for a nursing home, in-home health care or other services.
Preparing for long-term care is something everyone will have to do at one point or another. The reality is that it's better to do it as soon as you can. If you begin to plan for long-term care in your youth, it's a relief to know that you're going to be cared for no matter what happens.
One of the main reasons to do long-term care planning is so that you know you will be taken care of if you end up with a disorder like Alzheimer's. Alzheimer's, a form of dementia, can dramatically change your life and make it difficult or even impossible to make important personal choices after it strikes. Having a plan in place in advance gives you peace of mind because you know you are ready.
A lack of planning for long-term care can leave a family in dire straights, financially speaking. Many people underestimate exactly what it costs or how much care they will need.
For many Ohio seniors, there may come a time when they can no longer care for themselves properly. This usually means that living alone in one's home is no longer a safe option. One of the largest concerns for senior citizens is how to ensure that their care continues without burdening their families. Long-term care planning can help seniors choose care options that will pose the least amount of inconvenience for their adult children.
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.
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.
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.
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.
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.