Many people in Pennsylvania may find it difficult to distinguish between Medicare and Medicaid, given the similarity in their names and the fact that both programs relate to health coverage. Understanding the difference is important when planning for or reviewing one's medical coverage needs.
People in Pennsylvania who are evaluating their estate plans should give careful thought to how they might choose to fund any long-term care needs they may experience in the future. If no long-term care insurance policy has been maintained and there is not enough value in a person's estate to ensure proper care for as long as a person may need, Medicaid may be the next option. However, there are some limits to when Medicaid will cover the cost of this type of care.
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.
With all of the changes that we hear about from our leaders in Washington, D.C., it is possible that some Pennsylvania residents may be concerned that their eligibility for federal programs could be impacted sometime in the near future. However, our readers probably know by now that it takes quite a bit of political will to make changes to many major programs, such as Social Security, Medicare and Medicaid. As a result, it is probably wise to plan as if these programs will stay as they are for the foreseeable future.
A trust, or legal instrument that transfers title from an owner to a trustee to administer on behalf of the beneficiaries, can complement financial planning in a variety of areas: retirement, long-term care needs, and estate plans. A law firm that focuses on estate and long-term care planning can help you create trust terms that will fit your specific needs.
For those with family members who have special needs, ensuring that there are adequate resources for the care of their loved one takes research and planning. This entails not only looking into and pursuing the government programs and benefits available to support that family member, particularly as he or she moves into adulthood, but also setting aside funds to provide for that family member's care.