Even though it is inevitable, we do not like to think about the fact that we won't be here forever. Death is a difficult topic to talk about and even harder to accept. Despite that, it is one that we need to be ready for. This means considering how developing an estate plan could be beneficial. In some instances, an estate plan can be necessary, especially when it comes to long-term care planning.
Everyone needs to take part in long-term care planning for the day they need to cover medical expenses for their old-age and cannot make important decisions. However, people face obstacles when they do not have a spouse or child to act on their behalf under a power or attorney, health care directive or trusts.
Financing and obtaining long-term nursing home care and medical treatment is concerning for people who are planning for their old age. A recent survey also indicates that lesbians, gay, bisexual or trans Americans are worried that the now-accepted LGBT label still presents obstacles for finding long-term care when they are over 65 years old.
Dealing with care later in life is an important part of long-term planning for Michigan residents. Financing long-term care, however, is based on changing realities such as the steadily rising cost of long-term care insurance.
All of us may have to face the day when we need help to engage in daily activities such as eating and dressing. Higher premiums for insurance has complicated long-term planning for this coverage. However, there are new ways to pay for this care and address escalating costs.
Medicare and Social Security is an important part of long term planning for seniors for payment of their medical and other important needs. Recent changes to Medicare premiums reveals the interrelationship between these programs.
Almost everyone may face the possibility that they become unable to make financial decisions or take care of their daily needs. Experts claim that the ability to make financial decisions generally peak when a person becomes 53 and further decrease after 60. Long-term care planning should include jettisoning and consolidating finances, oddly referred to as death cleaning, which can help guard against financial scams, poor judgment and unethical financial advisors.
There are many financial uncertainties in the future but there is one thing that most people know will happen. They will become old and ultimately need health care or assistance with performing their activities of daily living. While polls show that 64 percent of adults do not have a will, individuals should engage in long-term planning to finance their medical expenses and other future necessities.
Michigan residents who move to and even visit other states should not overlook updating their long-term planning and reviewing their estate planning documents. Other states will respect the validity of these documents and plans if they are legal in those states. However, there are important exceptions.
Planning for the future is not an easy feat. But because there are so many what "ifs," it is imperative that Michigan residents take this process seriously. Additionally, it is also crucial to begin the process sooner rather than later. No one can predict when he or she can no longer care for him or herself or make their own decisions, and, while this is typically when we are elderly, this could unfortunately occur much sooner in life than one expects.