A situation that results in an individual needing long-term care could happen to anyone. This type of incident could result from a serious illness, mental deterioration or serious injury that leads to a person losing the ability to properly care for him or herself. When faced with such circumstances, health care planning could help avoid unexpected costs associated with that care.
Many Massachusetts residents may have an understandable concern about dealing with this type of expense. Though they may have Medicare or believe that Medicaid will take care of the costs of a long-term nursing home stay or care at another facility, that may not be the case. Medicare will only cover a short-term stay, and Medicaid will only assist individuals who qualify for that type of coverage.
Luckily, parties can take measures to prepare for this type of situation. They can explore their options for health insurance to cover nursing home stays as well as estate planning options for setting up accounts specific for health-related expenses. Individuals may wish to assess their particular circumstances to determine what type of planning could work best for them.
Because having these sudden expenses can come as a significant burden, planning ahead may prove wise. In order to determine the best planning methods, Massachusetts residents may wish to obtain reliable information on their options. One avenue for taking such measures is to consult with experienced attorneys. Legal professionals knowledgeable in estate and health care planning can assist interested individuals in crafting the plans that they desire.
Source: lmtonline.com, “Elder law: How will you pay for long-term care?“, Wesley E. Wright and Molly Dear Abshire, April 13, 2017