As life expectancy increases in Missouri and in the United States as a whole, people need to start planning for their health needs as they age. Such planning ought to include consideration of the need for long-term care, either as in-home nursing care or at a residential facility. According to experts, there is a 50 percent chance that a person will require long-term care at some point in his or her lifetime.
Long-term care, especially in a nursing home, can be extremely expensive, and it is usually not covered by Medicare. Although such care is covered by Medicaid, qualifying as a Medicaid recipient can be extremely difficult. Experts recommend hiring a financial professional long before care is needed to review assets and assess resources. In some cases, taking out a long-term health insurance policy can be a good choice to ensure quality care and to avoid disastrous financial consequences.
The bottom line, say people with experience in this area, is to plan wisely and not count on family to manage the demands of complex elder care. Furthermore, it is never too late to begin the process. A financial professional or elder care lawyer can help a client accurately evaluate their financial situation and work proactively to ensure that care will be available when it is needed.
An attorney with experience in elder care planning may be helpful to clients considering enrolling in a long-term health insurance policy. Such policies are expensive and often involve complicated terms and exclusions. An attorney can guide clients through the process of evaluating different policies and deciding whether such insurance is the right choice for them.