Planning for a Serious Illness Brings You Peace of Mind

As older Americans navigate the later stages of their life, a growing concern that often occupies their thoughts is the fear of becoming seriously ill and the subsequent financial burden associated with long-term care. This anxiety is not unfounded; the cost of healthcare in the United States, particularly for long-term services such as home care aides, assisted living facilities, and nursing home care, can be astronomical and potentially deplete life savings rapidly.  Planning for a serious illness, in advance when you’re healthy, can help you preserve your assets.

Medicare doesn’t pay for long-term care

The crux of the issue lies in the inadequacy of Medicare to cover long-term care needs fully. While Medicare provides substantial coverage for hospital stays and doctor visits, it falls short in covering custodial care, which constitutes many long-term care services. This gap leaves many older Americans in a precarious position, having to rely on personal savings, long-term care insurance, or Medicaid.

How can you plan for a serious illness?

To reduce these concerns, it’s crucial for older Americans to engage in proactive planning. Exploring long-term care insurance as an option is advisable, although it’s important to purchase a policy well before any health issues arise, as premiums can be prohibitively expensive or coverage denied outright once a significant health condition is diagnosed. Additionally, legal and financial planning with the assistance of professionals, such as Certified Elder Law Attorneys can help in setting up assets in a way that might preserve some wealth while still qualifying for Medicaid if necessary.

Help is out there!

Moreover, staying informed about available community resources and government programs that offer assistance can provide some relief. Hurley Elder Care Law can help your family identify some of these programs.

In essence, while the worries of aging and health care are very real for older Americans, through early and strategic planning, exploring all available insurance options, and staying informed about governmental assistance programs, it is possible to navigate these golden years with a bit more peace of mind. Call Hurley Elder Care Law today at 404-843-0121 to start your planning.

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