Without a doubt, every Washington, DC resident is going to grow older. As that happens, it may become clear that some degree of care will be needed -- whether it is in the home, at an assisted living center or in a nursing home. Doing some long-term care planning ahead of time could soften the blow when it comes to the logistics and cost of that care.
The Census Bureau reports that at any given time, approximately 4 percent of the country's population that is 65 years and older live in nursing homes. The same data indicates that nearly 50 percent of people age 95 or older are in nursing homes. This brings up the question of funding, along with whether long term care insurance should be part of a District of Columbia resident's elder care planning.
For some District of Columbia residents, how to pay for estate taxes is a priority. Some people use irrevocable life insurance trusts to accomplish this goal. A life insurance policy is purchased and then placed into the trust. The amount of the death benefit is equal to the expected amount of taxes that will be owed on the estate.
No one can escape getting older. There is nothing anyone can do to stop it, but preparations can be made that will make it easier when the time comes. Adult children with aging parents in the District of Columbia would most likely benefit from some elder care planning before it is needed.
Research estimates that 70 percent of Americans over the age of 65 will need an average of three years of long-term care at some point. Year to year, the annual cost of assisted living and nursing home care is on the rise. Without adequate long-term care planning, this could cause a heavy financial burden on both the District of Columbia resident needing the care and family members.
The population of the United States is getting older as people live longer. Increasing numbers of people require long-term care, and Medicaid is often an integral part of planning or that eventuality. If a District of Columbia resident is engaging in Medicaid planning, it could affect how the rest of his or her estate plan is crafted.
A lot of confusion exists about qualifying for Medicaid when it is time to go into a nursing home or other long-term care facility in the Washington, DC area. As is the case with most things in life, not everything you hear is true. For instance, just because a friend or other family member had a certain issue with Medicaid planning does not mean that you will.
Long-term care provided by nursing homes, assisted living centers and home healthcare has received a lot of attention lately. People are living longer, and the average age of Americans is on the rise. Since the likelihood of need for some kind of long-term care is increasing, many Washington, DC metro area residents are exploring elder care planning options. Payment alternatives are long-term care insurance, private pay and Medicaid.
Many District of Columbia residents have put plans into place for the possibility of needing long-term care later in life. However, nowhere near as many people discuss their long-term care planning with adult children. This could be because many individuals are under the impression that they will not need the assistance of their children in the future.
It seems that the costs associated with medical care are continually rising with no end in sight. When this rise in costs is accompanied by the fact that people are living longer, the need for health care planning has never been more urgent. The retirement that Washington, DC, residents spend years building could be squandered on payments to doctors, hospitals and care facilities without additional planning.