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Long-Term Care Planning Archives

Consider all your options when planning for the future

Every year more and more baby boomers are reaching retirement age. As this happens, the need to consider estate planning options becomes more and more real. Many may not realize it, but estate planning goes far beyond trying to figure out how assets should be distributed after a person's passing. In fact, part of estate planning and elder law is making plans for situations that affect a person while he or she is alive.

What is the Medicare Savings Program?

When Michigan residents are struggling to make ends meet, it can be easy to let certain expenses fall to the wayside. In many cases in which people choose to stop seeking routine medical care as a way to save money. However, people need to be aware that they may qualify for government benefits in these situations. Long-term planning is often needed to ensure that people can take advantage of benefit programs well into the future.

Same-sex marriage ruling has huge effect on estate planning

For decades, same-sex couples have struggled to string together legal protections that could work for them in times of emergencies. People had to struggle to make sure their partners had some legal rights should they become incapacitated or die. In some states where same-sex marriage was allowed, this was easier than in other states. In states where same-sex marriage was banned,however, gay couples were left with legal uncertainties if their partner fell ill or passed away. Long term planning issues, therefore, were much more complex.

Use long-term planning to save money for when you age

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.

Ways to pay for long-term care

It is a fact that everyone will eventually age and suffer physical decline. While everyone ages in different ways and some people will suffer health problems or physical infirmities that others do not, no one knows for sure what will happen in the future. It is for this reason that long-term planning is so important. Long-term care can refer to many different things-residence in a nursing home, assistive support and other supports-but what is certain is that long-term care will come with certain and often significant costs.

Michigan takes advantage of waiver in Medicaid expansion

One of the most commonly understood reasons for planning for the future is ensuring that there will be sufficient resources available to cover one's medical expenses. It is understood and even expected that medical expenses often increase with age, and these expenses can become a serious burden on both the individual needing the medical care and his or her family members. Although Medicaid planning is an important part of long term planning, it should not be the only part--especially with the frequent changes, both good and bad, to the Medicaid program.

Chief of Medicare system resigns

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.

When navigating through long term planning, come to us

There are so many facets to long-term care planning that many people fail to discuss it or investigate the options. This is a mistake, though, because long term planning is one of the best ways of protecting assets and ensuring that your wishes are carried out when you are no longer able to articulate them or make them known. Many people think that long term planning is unnecessary but the reality is that the majority of people will need some form of care, whether temporary or permanent, at some point in their lives. Furthermore, long-term care planning is not solely related to medical needs or designating powers of attorney in the case of incapacity.

What are the basics of long-term care planning?

When most people think of planning for their futures, they think about retirement savings or drafting a will. Many people overlook planning for long-term care because they misunderstand what long-term care actually refers to or underestimate how likely it is that they will need some form of long-term care. Overall, approximately 70% of people age 65 or older have a realistic expectation of requiring some form of long-term care in the future.

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