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Estate planning can help with Florida long-term care expenses

For many Florida residents, having a plan can help take some of the anxiety and stress out of a situation. However, some individuals may not feel the need to make a plan until a potentially stressful and cumbersome situation is upon them. As a result, individuals may find themselves scrambling to make plans for situations that may have been better taken care of earlier on, such as long-term care and estate planning.

It was recently reported that many Americans may not be able to afford long-term care when they need it. This situation is particularly alarming as seven out of 10 individuals over the age of retirement will likely need some sort of extended care. Additionally, some individuals may believe that certain companies or programs such as Medicaid will handle all such expenses, but in reality, it may only cover approximately half.

The costs of nursing home and at-home care are considerably expensive. Nursing facilities can cost more than $90,000 a year while at-home care can cost approximately $45,000 a year. Few individuals over the age of 65 may be able to afford such care, as the average income for parties of such age is approximately $19,500.

Because long-term care can be so costly, Florida residents may wish to plan ahead. Estate planning can help parties determine ways to set aside money for such care and to plan how they would like to be cared for. These plans can help family members better understand a loved one's wishes and feel less burdened with the sudden expenses of care.

Source: scpr.org, "Many not able to pay for long-term care, study finds", Stephanie O'Neill, July 13, 2015

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