Just 150 years ago, the average person’s life expectancy was around 40 years old. Today, it’s 80. Advances in medical science, like vaccines, diagnostic imaging, and drug therapies, have doubled the life expectancy of the average American, and many people are able to enjoy good health until late in life. However, more and more people now experience some years at the end of life when they are unable to care for themselves due to physical or cognitive disabilities. That’s why it’s important to plan early for Long Term Health Care.
A long-term care insurance policy is one way to provide for long-term health care needs. This type of insurance kicks in when you are no longer able to perform all of the activities of daily living (ADLs), such as bathing, dressing, toileting, transferring, and walking. Long-term care insurance is not just for nursing homes. It can cover such things as in-home companion care or nursing care, visits from physical or occupational therapists, adult day care, respite care, and long-term nursing or memory care facilities. It’s a good idea to purchase a policy before it’s needed since a change in health status can affect eligibility.
It is also important to understand your state’s Medicaid program. Because the Medicare program does not cover long-term nursing care, many elders rely on Medicaid to cover a nursing home stay. However, each state has asset and income limitations that determine eligibility for coverage. It is possible to protect some, if not all, of your assets with the help of an attorney and still qualify for Medicaid.
Another aspect of planning for the future is determining who will make decisions if you are unable to do so. This may involve giving a power of attorney to a spouse or adult child. A power of attorney allows the designated person to represent you in all legal and financial matters. A health care proxy is a person that will make medical decisions for you. Finally, you can create a living will that expresses your preferences for your health care in specific situations. A living will can state, for example, in what circumstances you wish to have, or avoid, life-saving or life-sustaining treatments. For more information about preparing for Long Term Health Care needs, visit website. You can also watch video on their YouTube channel.
