When Maryland residents are young, many of them may not consider how they will be taken care of in their elder years. They may believe that they have plenty of time to address such an issue, but planning ahead could prevent unexpected complications should the need for care come about quickly. Therefore, individuals may wish to use their estate plan to address long-term care costs.
There is a high likelihood that a person may need a long-term nursing home or other care facility stay in his or her life. Because this type of care can result in substantial expenses, knowing how these costs will be covered may put individuals and their family members more at ease. Of course, parties may want to ensure that they do not put their confidence in the wrong option.
Though many individuals use Medicare to cover certain medical costs, Medicare does not cover long-term nursing home care. Therefore, if parties simply believe this option will cover their expenses, they and their families may face a rude awakening. Luckily, there are other avenues that could be explored and added into an estate plan.
For individuals interested in utilizing long-term care insurance, setting up care-specific monetary accounts or determining their qualifications for financial assistance, finding out more information may prove useful. Additionally, gaining knowledge on how putting this information into an estate plan could help prevent complications may also allow Maryland residents to better plan ahead. Discussing concerns and options with experienced attorneys could ensure that any information obtained is reliable.
Source: lmtonline.com, “Elder law: How will you pay for long-term care?”, Wesley E. Wright and Molly Dear Abshire, April 13, 2017