Are you prepared to be elderly?
Planning for the future doesn’t stop with retirement accounts and estate management. You may be perfectly happy to live until old age of 80 – but what if you live until you are 90? Or longer? In some instances, adult parents outlive their children. Aside from the aging process, a debilitating illness or accident can take a formerly healthy adult out of the workforce for their rest of their lives. While it is uncomfortable to entertain thoughts that such scenarios could be in the horizon of our lives, it is best to be prepared for all circumstances.
The following are several key topics to be familiar with as you plan for the future:
Powers of Attorney
A power of attorney is a legal instrument that allows another individual to make decisions for you, especially financial decisions, in the event that you are unable to. There are different types of powers of attorney depending upon your anticipated needs. A common type of power of attorney is a durable power of attorney which allows another individual of your choosing to manage your affairs in the event that you become incompetent or otherwise unable to manage your affairs. Other types of powers of attorney include general power of attorney and limited power of attorney. It is important to choose a qualified attorney who clearly understands your wishes should be you become unable to manage your affairs to select and draft the appropriate power of attorney to suit your needs.
Advance Healthcare Directives
An advance healthcare directive is a legal instrument that communicates your specific wishes regarding your medical treatment and care should become incapacitated. Specifically, the advance healthcare directive enables you to cite a specific person as a healthcare agent to implement your wishes if you are unable to do so. This is an especially important document to have in place if you have strong opinions regarding your wishes should you be on life support. If you do not have an advance healthcare directive, such decisions may be left to family members, doctors or even the court if family members do agree. Advance healthcare directives may be brief or they may contain very specific information such as pain management. It is imperative to have your advance healthcare directive carefully drafted and reviewed by a qualified attorney.
Nursing Home and Assisted Living Assisted Admission
The high costs of nursing homes and much needed skilled care for the elderly and infirm can drain a family’s life savings very quickly. While Medicare will pay a significant portion for the first 100 days with regard to skilled nursing, often after that period, the support will terminate. Even if your loved one is already in a nursing home, it is not too late to consult a qualified attorney to help make arrangements to ensure that you receive the financial support you need without having to liquidate assets to become eligible for other public assistance programs. With proper long term care planning through the assistance of a knowledgeable elder care attorney, you will able to have financial solutions that will protect your loved ones’ assets in the event that Medicare or Medicaid payments cease.
Discharge Public Assistance (Medicaid) Planning
Many people assume that once they meet the criteria of Medicaid, the process will go smoothly. In fact, applying for Medicaid can be a daunting and complex process. Wading through complex forms and inadvertently omitting pertinent information can hold up the process and delay much needed benefits. It is highly advisable, most especially for the elderly and infirm, to enlist the consultation and assistance of a qualified attorney when applying for Medicaid.
While planning for the future can be difficult, doing so before it is necessary will make things are easier for you and your family as well as ensuring that your wishes are respected whatever the future brings.