Step #3: Consider Your Options for Financial Assistance.

A common belief that many people have is that Medicare will cover the costs associated with this long-term care. Medicare is the federal government’s health insurance for individuals over the age of 65. And while it pays for short-term nursing or hospice care (and sometimes in-home healthcare if you meet certain requirements), it does not provide assistance for those that need what is known as “custodial care” or personal assistance for daily activities (such as eating, bathing, getting dressed, etc.).

Medicaid (known as Medi-Cal in California) is a government-assisted service for those with low-income and who meet certain requirements needed for care.

Outside of these options, there are other private pay options to consider, including long-term care insurance.

Step #4: Take Action Now.

The most important thing that you can do is to take action right now. More often than not, people put this type of planning off “for another day”. There may be no immediate need or urgency, but you can see that you don’t want to wait until there is a need or urgency for assisted living care. It’s at that point that you may be stuck with having to go with an option out of urgency instead of a well thought out, planned option. It is recommended that long-term care insurance be purchased sometime during your mid-50’s, which is another reason to consider making a plan for the future sooner than later.

The fact of the matter is, you may never know when illness or disability may impact you or your family. The best gift that you can do for all is to be proactive in your planning. We, at the law firm of Kavesh, Minor & Otis, have been assisting families and their loved ones now for over 37 years. Whether you are considering long-term care options or need to update or review your estate plan, we invite you to attend one of our upcoming free Living Trust Seminars. At the conclusion of the seminar, all attendees will be offered a free consultation to come in and meet with an attorney. This would be a great time to discuss what options to consider for long-term care. You can register to attend one of our seminars online or contact our main office at 1-800-756-5596. If you are unable to attend an upcoming seminar, please feel free to join our e-mail list and we will be sure to e-mail you of future seminar dates.

Philip J. Kavesh
Nationally recognized attorney helping clients with customized estate planning guidance for over 40 years.
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