Many Loudoun County residents may be excited for retirement, but it can be a tough transition, especially for those who have not saved much money. With medical costs rising at a minimum of five percent per year, it may take hundreds of thousands of dollars just to pay for medical care during a person's retirement years. That's why proper estate planning can help people plan for long term care expenses and other medical needs.
As Loudon County residents can attest, there are so many types of insurance to consider. Life insurance, medical insurance, dental insurance, homeowner's insurance and auto insurance are just a few. A major question is often who requires long term care insurance. With this type of insurance relatively new, many people are debating whether or not they really need it. It's often not until they witness a family member suffer from declining health that they realize that they need to add long term care as part of their estate planning goals.
Loudoun County residents who are considering purchasing long-term care insurance may want to keep this in mind: premiums are likely to be higher for women than men. To many women, this may seem like gender bias. In fact, federal law does ban insurance companies from charging higher premiums based on gender for medical insurance policies, but this law does not apply to plans that cover assistance with daily tasks, which long-term care insurance does. Therefore, women should keep this in mind when engaging in estate planning.
A new survey shows that while many seniors may be aware of the need for long-term care planning, they are wary of long-term care insurance. Of the survey respondents, 51 percent believe that insurance is too expensive and, therefore, they are not even considering it for estate planning purposes.
As many Loudoun County, Virginia, women know, most people lead very busy lives, especially women. Many care for children, work outside the home and carry the bulk of household duties. This leaves very little time for estate planning, especially when planning for long-term care.
With Americans living longer than ever, the thought of long term care can be frightening. Loudoun County residents may wonder how they would pay for a nursing home or assisted living if they were to need it. Because the future of public programs such as Medicare and Medicaid may be in doubt, early estate planning is essential. For some Virginia residents, long term care insurance can be a useful addition to a comprehensive estate plan, but typically will not provide assurances of long term care on its own.
With people living longer than ever, long-term care planning is becoming essential to Americans. Every Loudon County resident -- senior citizen or not -- needs a plan. Estate planning can help young adults and middle-aged people plan ahead for their future medical needs.
Although Medicare has been the subject of discussion lately due to the upcoming election, it is changes to Medicaid that have senior citizens and their families worried about long-term planning. Loudoun County residents who have elderly parents may be able to relate to these concerns. Some of the ongoing government proposals could cut Medicaid spending over the next decade, leaving many seniors ineligible for care or unable to afford it. The possibility of these upcoming changes to health insurance and public programs makes estate planning increasingly important.
Even though federal law does not mandate that children pay for their parents' long-term care costs, state laws are proving otherwise. Virginia readers may be surprised to learn that many adult children with plenty of financial responsibilities of their own may have to take on their parents' bills as well. If Medicaid will not pay a patient's nursing home bill, state filial support laws allow the facility to contact the person's adult children to get the bill paid. In some cases, facilities are even going after more distant relatives, such as nieces and nephews.
With Loudoun County residents living longer and longer lives, there is now more than ever a need for quality long-term care. Careful estate planning should consider the possibility that one may someday become unable to care for oneself. Long-term care planning is helpful in protecting loved ones and making sure they are properly cared for, especially those with medical needs.