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Are Minnesota residents missing long-term care planning?

Though many individuals have insurance and other means for paying for medical expenses, they may not always plan ahead. Because anyone could find themselves in need of extended care at some point in their lives, especially in their later years, long\-term care planning can have many benefits. Of course, some Minnesota residents may believe that Medicare should play a role in paying for such care.

A recent report gave the outcome of a survey that related to the use of Medicare and long-term care. Apparently, 56 percent of Americans over the age of 40 believe that Medicare should play a significant role in attending to the costs for ongoing assistance. It was also noted that, in 2013, the number of individuals who felt this way landed at 39 percent.

The report went on to state that 70 percent of people in the fitting category stated that they would like a long-term care insurance program that was government based. Of course, at this time, Medicare does not cover the costs that many older individuals face when getting the care they need. Unfortunately, a considerable number of people mistakenly think that this benefit program will work for them and have not planned otherwise.

Especially due to the potential for healthcare reform, many individuals, including those in Minnesota, may face understandable concerns about how they will pay for their care. Luckily, interested individuals can utilize long-term care planning to ensure that they are prepared in the event that they need such care. Estate planning can act as a useful avenue for making care plans, and discussing concerns and needs with experienced attorneys may prove useful.

Source: chronicalnewspaper.com, "Poll: Most older Americans want Medicare for long-term care", Emily Swanson, June 5, 2017

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Jeffrey P. Scott & Associates

Jeffrey P. Scott & Associates LLC
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