There are so many different aspects of long-term care planning that it is understandable that many people get confused or fail to engage in long term planning because they do not even know where to start. Medicare is one of the aspects of long term planning of which many people are aware, at least to some extent, although they may not understand how Medicare fits together with other elements of long-term care. Medicare itself is complex and is frequently in the news as developments occur and leadership changes.
Many of our Michigan readers may think that all of their estate planning needs will be met once they have a will, a trust and the appropriate power of attorney forms. While these instruments are vital to a good, comprehensive estate plan, there is another aspect that needs to be considered - long-term planning for care in advanced age or poor health.
The holidays have long been considered the season of giving. People give to charitable organizations that they believe need their funds. However, between 80 and 90 percent of people who give to charitable organizations during their lifetime, fail to leave a legacy to any charitable organization after they pass. However, with the right long term planning, Michigan residents will be able to secure the future of their families and the charities they have supported during their lifetime.
The end of one year and the beginning of another probably has many of our Michigan readers thinking of what options are best for them when it comes to financial decisions. As our nation's leaders spend the beginning of the year working toward trying to figure out how much each of us should be paying in taxes, they are also working on changes to some government benefits, which could include Medicaid and Medicare. When the dust finally settles on these issues, our Michigan readers will probably want to make some tweaks to their long term planning, and one recent article has suggested that it may be time for many to consider long-term care insurance.
Most of our Oakland County readers would like to have a financial plan. But what does that mean, really? Does it just mean saving for retirement? Or how about budgeting household expenses and saving specifically for "splurge"-type expenditures like vacations? While these types of steps can absolutely make up part of an overarching financial plan, some people don't think to take care of what can be the most important parts -- long term planning and estate planning.
Ever heard of the "sandwich generation"? Most of our Michigan readers probably haven't, but apparently this is the term that some use to refer to the children of baby boomers, mostly because these are the people who will find themselves supporting both their parents as they age and require long-term care, and their own children as they set out to attend college.
Our Detroit-area readers have probably seen previous posts that discuss the importance of considering future medical expenses and long-term care when forming a comprehensive estate plan. While it is obvious that no one can predict every aspect of the future, making certain financial preparations can help prevent some of the stress that many people experience in the absence of a clear plan.
Previous posts have encouraged Michigan residents to account for long-term care when developing an estate plan. It is often one of the most overlooked aspects of future-needs planning. Arranging for long-term care often includes scheduling affairs to ensure elder years are comfortable and that assets are maintained to pass down to designated beneficiaries.
Elderly citizens in Michigan may soon see more options for long-term nursing home care. State health officials plan to file for approval of a system that aims to better manage long-term care for seniors who are eligible for Medicare and Medicaid.
The latter years of life, lovingly dubbed the "Golden Years," aren't always as easy as they should be. Unfortunately, many people reach these late-in-life years only to discover that a lack of long-term planning has left them unable to pay for the care they will need to combat failing health. While it is natural for one's health to deteriorate with age, for some people failing health is a more serious concern than for others. That is why planning ahead for necessities like long-term care should be considered vital to maintaining a good quality of life, not only for residents of Michigan, but for people all over the United States.