The very thought of paying for long term care makes plenty of people who are already nervous about the process of planning for their estate even more nervous. This means that is important to sit down with an experienced and knowledgeable estate planning lawyer who can walk you through the process of weighing the needs and costs for long term care insurance.
Approximately 10,000 baby boomers are turning 65 every day, from now until 2030, which means that one of the top concerns for soon to be and current retirees has to do with the cost of long term care and health care. This can be one of the most challenging conversations between clients and estate planning attorneys but is also one of the most important.
There are many different long term care insurance and planning options available, but far too many people neglect to take up any of these and can end up spending their own money in an effort to respond to the need for long term care. Of particular note are cognitive issues which could affect a significant portion of the older population.
In fact, Alzheimer’s and dementia affects as many as 10% of Americans over age 65, and nearly 38% for those above age 85. New cases of Alzheimer’s are also projected to increase. The potential cost of long term care services can be significant, so it is important for anyone planning ahead for their retirement and older years to think about how health care expenses including those for potential cognitive or physical issues might need to be addressed in an estate plan.