Long Term Care Planning Today, it is important to include long-term care in your retirement plan. At one time planning for the possibility of needing long term care at some point was not something that a lot of people thought of, but this is quickly changing. Without a comprehensive plan for long-term care, you stand to lose everything you have worked for while trying to cover the cost of this care. Every estate plan and retirement plan should take the possible need for long term care into consideration. Though a lot of people believe that planning for long term care requires that you plan for Medicaid, this isn’t necessarily true. These days there are other options, such as long term care insurance. There was a time when long term care insurance was thought to be primarily for those that were in their 60s, today it is thought of as a good option for just about anyone, especially when you reach middle age. When you invest in long term care while still fairly young and healthy, the insurance premiums will be a lot more affordable. Another advantage to planning for long term care earlier in life is that you really never know when this insurance will be needed. You may have an accident that requires that you receive home care or be in a nursing facility for a long period of time. If this extends past what your insurance will cover, you or your loved ones will need to pay the difference. With long term care insurance, you’ll be covered and your assets will remain safe. When it comes to requiring long term care and you have no insurance to cover it, Medicaid will require that all of your assets be used to pay for the care until you only have a couple of thousands dollars left. This may not include your home, but once you pass away, Medicaid can put a claim against your house to recover the cost of your care. When planning for retirement, don’t forget to include the possibility that you will need to pay for long term care in the future. Experienced estate planning attorneys Mobile AL of the Ryan Hicks Cumpton & Cumpton LLP offers estate planning and business planning resources to residents of Mobile AL. To learn more about these free resources, please visit www.epattorneys.com today.
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