Candidly, you’d have to be living under a rock in Arkansas or elsewhere in the country to not know that the costs of health care are troublingly high.
In fact, they’re flatly staggering, for virtually every individual and family and across every time horizon. Legions of Americans face stark challenges dealing financially with short-term obstacles (e.g., just paying monthly premiums for a health policy and dealing thereafter with deductibles and out-of-pocket maximums) and long-term obstacles related to care needed later in life.
Our remaining blog posts this week at the Little Rock estate planning firm of Robertson, Oswalt, Nony & Associates address that latter challenge, being focused on long-term care planning. As we note on a relevant page of our firm’s website, so-called “LTC” planning that is timely and tailored “can mean all the difference in preventing health care costs from depleting a loved one’s assets.”
Concededly, gaining peace of mind regarding your own or a loved one’s health care during life’s later years can seem a truly elusive prospect, given the economic realities that can attach in a given case. A recent Consumer Reports article notes that “one in seven Americans turning 65 today will face more than five years of disability, with potentially dire financial consequences.”
Although one might easily panic over that, a far better “strategy” is to proactively engage in timely action to purposefully address the challenges and fashion an optimal solution regarding them.
As we duly point out on our site, Medicaid benefits often assist families materially with LTC challenges. It is key to note, though, that “it is important to begin planning as soon as possible” to ensure program qualification. A proven estate planning attorney can provide sound and timely counsel regarding all aspects of government entitlements and eligibility standards.
In addition to Medicare and Medicaid, various additional options exist that can help some individuals and families deal with long-term health care needs. We will take a look at them in our next blog post.