Planning for the future is an important part of life for all adults, especially those who are nearing or in retirement age. While few men and women in Georgia want to consider their long term care planning needs, taking a proactive approach can make a big difference in the final outcome. Fortunately, there are options when it comes to long term care planning.
The Department of Human Health and Services estimates that as many as 40 percent of people over the age of 65 will need some form of in-home care. Around half of the population will eventually need care in a nursing home facility. Either option can be expensive, and can eat away at the wealth a family has worked for decades to build.
One long term care approach is to self-insure, which basically means setting aside enough money to cover the costs of long term care if that need should arise. Generally, only the wealthy can afford this option, and it’s impossible to accurately predict the cost of long term care needs. Long term care insurance is another option, and can help cover expenses. There are waiting periods before coverage goes into effect, however, and also a “use it or lose it” factor to weigh.
Other insurance options include a hybrid/linked benefit insurance that offers a death benefit. Some life insurance policies can also help secure care needs with a greater degree of flexibility. Yet another approach is to try and plan to qualify for Medicaid as the time approaches when care needs might increase.
With all these options, working with an experienced elder care attorney is a great place to begin. An experienced attorney can explain all the long term care planning options and help find a solution that works. For many in Georgia, working through these issues can create a peace of mind that is simply beyond value.
