The primary motivation for most people to invest and save is to give you the appropriate financial resources to support you in retirement. However, looking only ahead at retirement means that you might miss out on important opportunities to plan, such as what might occur in the event that you or your spouse needs long term care.
This can include a stay in the nursing home, assisted living or in home services. It is estimated that more than half of Americans turning 65 will need some form of long term care support in their lifetime.
Medicare and other traditional health insurance programs do not support this extensive cost of care, which means that you must be forward thinking about how to mitigate the risk and consider long term care insurance solutions. Long term care policies have evolved in many different ways from their outset. It is often viewed as a bigger component of your overall estate planning strategy and therefore, might be working in conjunction with other insurance products.
Plenty of people today even opt for a permanent life insurance policy with long term care benefits. The sooner that you can engage legal and tax professionals in your conversations about these important issues, the easier it will be to navigate this process. Working with an experienced elder law attorney in California can give you peace of mind and ensure that you’ve considered all aspects of your future plan.