Millions of Americans benefit from Medicare funding. This so-called “safety net” is invaluable to many people who otherwise would not be able to afford medical treatment in their older years. However, what many people do not understand is that planning for Medicare funding needs to be a part of your estate plan.
Unfortunately, there are two common factors that can keep Pennsylvania residents from including Medicare funding in their estate plans: the complex nature of the application process and the unique aspects of each individual’s health situation. After all, how can a person really plan on what their health will be like in years to come?
No one can see into the future, and that is why maintaining flexibility when it comes to Medicare planning is so important. Medicare is a needs-based program, based in part on the amount of assets that a person has access to. Part of estate planning is making sure that assets are in the right locations, like, for instance, joint accounts or trusts.
A comprehensive look at estate planning needs should include contingencies that cover Medicare planning. You might not need it, but estate planning is all about being prepared for a wide variety of scenarios. Just as many Pennsylvania residents have power of attorney documents and living wills to dictate their wishes when it comes to healthcare, Medicare funding needs to be thought of as well. For more information about how our law firm might be able to help you with your Medicare planning needs, please visit our website.