As the population of the United States gets older, planning for retirement may not be enough. Massachusetts residents may want to consider long-term health care planning as well. Putting a plan in place to pay for the possibility of a need to be moved to an assisted living center or nursing home can provide an individual and his or her family with options they may not otherwise have when the time comes.
As parents age, many of them end up living with one of their children. Even if that child takes good care of his or her parents, at some point, that care may not be enough. Without proper planning, it could be difficult to find an assisted living center or nursing home that is within a certain budget or can be paid for by Medicare alone. Further, if one child is left to care for a parent without the help of any other children, it could breed animosity among the siblings.
Money that was earmarked for retirement could end up paying for long-term care. Without any additional planning, that money could run out quickly. Numerous options exist, such as long-term care insurance and trusts that are set up for this purpose. It is up to each individual how they wish to proceed.
An estate plan encompasses so much more these days than just how a Massachusetts resident’s property will be distributed upon his or her death. Long-term health care planning is also important since people are living longer. Providing funds for this type of care can provide everyone — not just the individual — with some peace of mind that a loved one will be properly cared for in his or her golden years.
Source: kansas.com, “Consider options for health care when planning retirement”, Rob Hendrickson, May 29, 2014