Millennial clients are increasingly asking financial advisors and estate planning attorneys for information about long term care planning.
Long term care planning is strongly recommended for people of all ages and general health because a sudden disability accident or illness could render you in need of long term care support. Conversations about wills and other general estate planning issues can also lead to asking questions about old age. Many people who lived through the COVID 19 pandemic have increasing questions about estate planning and want to know the possibility of preparing for future disability.
A future disability may catch you off guard if you did not complete appropriate planning, and many people don’t realize that 1 in 4 individuals will live with a disability at some point during their lifetime. This does not always happen to people who are older and in poor health.
In fact, someone who is seriously injured in an accident in their 20s, 30s or 40s may also need the support of long term care services. It can be a shock to realize that you’ll need time to recover in a facility, and you don’t want to worry about the possibility of being unable to pay for it. Thinking ahead about the various ways to fund long term care makes you prepared if an event happens that’s outside of your control.
Long term care services are typically not covered by Medicare or traditional health insurance for extended periods of time, which is why advanced planning with the help of an estate planning attorney or possibly even through the purchase of long term care insurance may be necessary. Set aside a time to meet with an experienced and qualified long term care lawyer to learn more.
