As we age, our needs change. While our younger years may be focus on building a family and accumulating wealth; our elderly years, may focus primarily on caring for ourselves and preparing to leave our assets behind to our loved ones. Although many people are aware of the estate planning process and how it can be beneficial to them and their family, some fail to recognize the importance of long-term care planning. Thus, it is imperative to understand some of the mistakes to avoid when considering this important issue.
There are many mistakes an individual can make when considering long-term care planning. Perhaps the most common is waiting too long to consider the matter. This can be problematic, as the need for long-term care is realistic. In fact, about 10 million people need such care each year. By failing to adequately prepare for long-term care, an individual may suddenly find him or herself in desperate need , and without the financial resources to meet those needs.
Another common mistake is to assume that governmental programs will cover all costs. While certain government programs like Medicare and Medicaid can help pick up some of the costs associated with long-term care, they may not provide enough financial resources. Therefore, in order to have adequate coverage, individuals may need some type of insurance plan or other savings that are set aside to protect them in the event that they need extensive medical care in the future.
Everyone’s circumstances are different, which means that their long-term care planning should be different, too. What is important is that New Yorkers start thinking about this matter, as uncomfortable as it may seem, before it is too late. After all, creating a long-term care plan may provide peace of mind for not only the planner but also his or her family.