Long-term care planning could help get finances in order

Whether planning for oneself or trying to help a parent plan, considering long-term care options can have many benefits. Starting early could allow individuals to consider what area services exist and which ones may suit their potential needs. Long-term care planning can also help New York residents determine how they may pay for the necessary expenses associated with this care.

The financial decisions may be one of the biggest concerns that individuals have. Care of any type can prove immensely expensive, and when the care is needed for an extended period of time -- or even for the rest of one's life -- the costs can far exceed the amount of personal funds a person has. Because of this possible issue, parties can often find it helpful to explore insurance options and various benefits programs.

In particular, Medicaid could provide financial assistance for these costs. However, beneficiaries would need to meet certain stipulations in order to qualify, and that step is not always easy. It may prove wise for individuals looking for care arrangements for themselves or their loved ones to consider many possible assistance options as well as ways in which they could better their chances of qualifying.

When it comes to Medicaid planning, it could act as a useful part of long-term care planning. Successfully taking this route can prove complicated, however, so it may be worth considering the possibility of enlisting professional assistance. Elder law attorneys could help interested New York residents understand their planning options and how certain steps may help them work toward qualifying for government benefits programs.

Source: sandiegouniontribune.com, "Planning for long-term care", April 24, 2018

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