6 Ways To Plan For Aging

Elder care planning can be emotionally exhausting, especially when coupled with a health crisis. Estate planning, Medicare and health care planning are complex legal issues and involve a number of different laws and regulations that vary from state to state. The following information offers a general overview of the subject.
  1. Start Planning Early - Most of the difficulties families face while dealing with elder care planning are due to an unexpected health crisis. Careful planning is extremely difficult when there are urgent health care needs to be met. Discuss your wishes and develop a plan for the future when everyone is healthy and of sound mind. Click here to read an excellent article from the Mayo Clinic about the benefits of early planning. http://www.mayoclinic.com/health/long-term-care/HA00054
  2. Power of Attorney (POA) - A General Durable POA can be an invaluable tool when you are no longer able to make important financial and personal decisions. A POA grants an agent you select the power to make those decisions for you. A POA cannot be legally executed if the individual granting power is no longer mentally sound. It is vital to have the document drafted and executed before issues arise. Also, make sure you trust the individual you are granting power to under a POA. In the wrong hands, a POA could allow an unprincipled agent to mismanage or even steal assets. Read The 11 Things You MUST Know About a Power of Attorney from LegalShield's newsletter by clicking here. http://www.legalshield.com/cp/newsletter/issue3_v2.html#Story3
  3. Medical POA - A medical or health care POA grants power to an agent for medical decisions only. Discuss your medical wishes with family members, your agent and doctors. Click here to read more about the benefits of having a living will or medical POA. http://www.mayoclinic.com/health/living-wills/HA00014
  4. Execute a Will - One of the most important ways to protect your assets and wishes is to execute a will. You may download a copy of the LegalShield Will Questionnaire.  The questionnaire is very useful but can not be sent to the Famme Law firm unless you are a member of LegalShield.  If you want more information on this service please contact Immanuel Insurance     http://www.frammelaw.com/index.php?page=legal-forms
  5. Medicare - Costs for prescription drugs, medical equipment and nursing home or in-home healthcare can be extremely expensive. Medicare may offer assistance, but it is important to understand income and asset limits as well as any other eligibility requirements. Planning before a costly health crisis will help protect your assets and ensure coverage. Visit the Medicare website to learn more about coverage, find forms and determine eligibility. http://www.medicare.gov/
  6. Nursing Home Care - The decision to enter assisted living or nursing home care is a difficult one. There are many issues to consider such as quality of care, cost and distance from loved ones. Nursing home contracts may also be complicated. Have one of our attorneys review contracts before you sign them. They can review the contract with you and discuss the details. The National Clearinghouse for Long Term Care Information offers details on planning and paying for long-term care. Click here to visit their website. http://www.longtermcare.gov/LTC/Main_Site/index.aspx

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