You may think that the sole purpose of estate plans is for you to instruct your loved ones in New York about how you want your estate to be divided upon your passing. But did you know you can also use them to outline your long-term care plans? The longer you live, the greater the possibility that you will require long-term care. It is estimated that at least “78 percent of seniors who are 65 years old and above will need long-term care services at some point in their lives,” states Life Happens.
It is important for you to consider what will happen before you die that could affect the value of your estate. If you do not have the right plans in place, you could end up needing to use a portion of your estate and assets to pay for your end-of-life care. Here is why you should have long-term care plans.
You may or may not qualify for Medicaid and Medicare benefits. In the event that you do, they may not provide enough coverage for all of your long-term care expenses. According to Time.com, Medicare does not provide coverage for in-home care and assisted living, but it does pay for a maximum of 100 days of nursing home care. You should not expect your family and loved ones to pitch in towards your end-of-life care expenses. They have their own lives and may not be able to do so without compromising their financial situations.
Take time to anticipate the fact that you may live longer than you expect to. That way you can include the proper provisions in your estate plans for your long-term care needs.