The idea of getting to a point in life in which a person can no longer take care of him or herself can be disheartening. However, many people, including those in Michigan, may face such a reality. Whether the situation arises due to an accident that causes severe physical or mental injuries, old age or serious illness, planning ahead for such an event may be wise. Luckily, individuals can utilize estate planning to address certain aspects of care.
Of course, one of the main concerns individuals may have when it comes to long-term care involves the costs. Extended care is not necessarily cheap, and if individuals must receive their care outside of their home, the expenses can quickly add up. Rather than leaving such an unexpected burden on family, individuals can set up ways for such care to be paid for.
Though some parties may think that Medicare or Medicaid will assist with such expenses, that may not necessarily be the case. In fact, Medicare may only help with short-term care, and Medicaid can only assist if the individual qualifies. Therefore, parties may want to consider other options like healthcare insurance or setting up accounts to hold funds specifically for long-term care expenses.
Though some individuals may never need such care, having a plan for payment in place could avoid serious complications in the future. Therefore, Michigan residents who want to ensure that they do not leave their family with such a financial burden may want to explore their options for preparation. Speaking with experienced estate planning attorneys could help individuals gain reliable information.
Source: lmtonline.com, “Elder law: How will you pay for long-term care?”, Wesley E. Wright and Molly Dear Abshire, April 13, 2017
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