Planning for your future tends to initiate thoughts of fun and goal-oriented events. However, future-planning should also entail considering what might happen if you fall ill and what will happen during your old age when you can no longer care for yourself. Thus, individuals in Michigan need to consider long-term care planning when addressing their estate planning needs. This is an excellent way to ensure your finances are in order and you can afford the care you seek to receive as you age.
When it comes to long term-care and retirement planning, most misunderstand the burdens such planning places on their finances and family members. Because of this misunderstanding, it is suggested that individuals consider long-term care coverage because the benefits of this program could pay for what Medicare and Medicaid does not.
Because many are under the impression that Medicaid or Medicare will cover the costs associated with long-term care, they do not put anything else in place to help cover these potential expenses. But these government programs are not designed to cover the expenditures arising from long-term care. This is where long-term planning insurance can prove beneficial. It can protect the personal savings of the policyholder while also providing for long-term care. This also helps an individual maintain control over his or her care as well.
When it comes to purchasing a long-term care policy, it is best to do it when you are younger and in good health. The reason for this is because once a person reaches age 60, there will be a much higher percentage for the policy to be denied. This proves to be another reason why it is good to plan for your long-term care, retirement, and overall estate plan while you are relatively young.
While it might seem complex and overwhelming, considering a long-term plan when you are young is a beneficial step to take. It would be awful to deal with financial problems when you are attempting to get the medical care you require later in life. Thus, getting these details in order sooner than later will put you and your loved ones in a good position.
Source: Fox Business, “Long-term care: Beware of what Medicare, Medicaid does not cover,” Casey Dowd, June 24, 2017