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Missing out on health care planning could cause financial burdens

Though many Massachusetts residents may utilize Medicare to address medical expenses, they may believe that they can rely on the program for assistance with extended care during their elderly years. In fact, a recent survey indicated a majority of older individuals have this mistaken belief. Unfortunately, without proper health care planning to address long-term care, parties could be left wanting. 

The same survey indicated that two-thirds of citizen who are 40 years old and older have not completed a satisfactory long-term care plan. Additionally, 56 percent of survey participants indicated that Medicare should play a larger role in addressing the costs of long-term care. The report went on to state that most of the Democratic and Republican political parties believe that Medicare should provide more assistance with such care.

Of course, the current political climate may not leave much room for this possibility. The ongoing discussion for health care changes under the current presidential administration seems to show a greater likelihood for decreasing the federal budget rather than supplying additional insurance benefits. Unfortunately, this could cause issue for individuals who have not adequately planned for future care. 

Because a serious accident, illness or other incapacitating issue could affect any Massachusetts resident, having a long-term care plan in place could reduce the possibility of significant financial burdens. A variety of options could help interested parties with health care planning that best suits their needs. Discussing these options as well as concerns and desires with experienced estate planning attorneys could allow individuals to feel better prepared for their futures.

Source: chronicalnewspaper.com, "Poll: Most older Americans want Medicare for long-term care", Emily Swanson, June 5, 2017

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