Manchester New Hampshire Estate Planning Blog

Making the decision to place a loved one within a nursing home or assisted living facility is not always an easy one. There are many factors to consider when making this change. However, the best decision is a well-researched one.

Not only should you conduct thorough research into your options. But, never ignore what your gut feeling is telling you about a place. You don’t want to find out later that the facility is mistreating their residents or taking advantage of them in any way.

A recent study found people aged 65 and older are filing for bankruptcy at three times the rate as they were in 1991. The New York Times states of the people from ages 65 to 74, 3.6 out of 1000 file for bankruptcy. The study suggests this increase is due to changes like moving from pensions to 401(k)s, more spending on health care and having to wait for full Social Security benefits.

Medicaid planning for an elderly loved one includes first determining eligibility status for the many services they may need. The planning process will help pave the way for a tailored plan that meets the healthcare needs of the individual. The process may include gathering important documents, submitting required paperwork and financial information of the potential Medicaid recipient.

Family members of an elderly loved one are encouraged to participate in the Medicaid planning process. Long-term care is often too costly for families and Medicaid offers a more affordable alternative solution.

The facts can be quite sobering. It’s estimated that 70 percent of Americans will require long-term care of some kind in their lives. If you become part of that group, your long-term care cost could be roughly $138,000 over your lifetime. And if you’re like most people, you haven’t done any long-term care planning.

Planning for long-term care as part of your retirement planning can bring you peace of mind. No one wants to consider the possibility of having an injury or debilitating illness that would necessitate long-term care, but having a plan—just in case—can help ensure you will be well cared for.