There is no doubt that Americans are living long lives. It is not uncommon to read a local Michigan story about an individual reaching the 100-year-old mark and still enjoying life. Whereas the life expectancy of the average person was relatively low only a few generations ago, now many people comfortably survive into their eighties and nineties.
Living longer means that money must last longer, too. When a person only had to plan on living for a few years after his retirement, his long-term planning strategy could be somewhat lax. Now, however, as people survive decades after they permanently leave their jobs, it is increasingly important to plan for an extended period of existence.
Part of that planning process should include the anticipation of medical expenses and nursing home costs. Few people are able to live on their own until their last days, and many require years of specialized care and assistance as they lose their abilities to take care of themselves. While some people may be lucky enough to have family members around who are able to provide such services, many aging Americans have to pay for health care and assisted living services.
A person’s government benefits and access to health care financing through Medicare and Medicaid may take care of some of the expenses of aging. The rest, however, often falls on the shoulders of those who require long-term care assistance. One of the best ways to ensure that you have sufficient resources to take care of yourself as you age is to include ongoing medical and care costs in your long-term planning strategy.
Prince Law Firm works with individuals who want to plan for their long-term futures but who may not know where to start when it comes to anticipating the costs of long-term care. Having the support of legal professionals for this important type of forecasting can be integral to establishing a sound long-term financial plan. To learn more about the firm’s practice in the area of long-term planning, please visit our website.