Parents of special needs children in New Jersey are often grateful for every moment they have with their child. However, they may understand that their child will need life-long care, and, thus, may be worried about what will happen to their child once they are no longer alive. This is where estate planning becomes very important.
Many people in New Jersey find themselves having to care for their aging parents, even if they are still working themselves. It can be difficult to find a work-life balance when you are a caregiver. However, there are legal options that may help people care for aging loved ones, even if they have not yet left the workforce.
Many people in New Jersey rely on Medicaid to pay for their long-term care needs. However, not everyone is optimistic that government benefits will be available in the future. Pew Research polled 2,524 people regarding who should be paying for long-term care 30 years from now and who they think will actually be paying. The results indicate that, while many think the government should shoulder the bill, they do not anticipate this happening any time soon.
When a person in New Jersey has a disabled loved one, they want to ensure that their loved one's medical care needs are met. Sometimes, a disabled individual qualifies for government benefits, but these benefits may not be enough to cover all aspects of their care. Fortunately, there are other ways to set money aside for the care of a disabled loved one.
While some people in New Jersey plan on entering an assisted living facility or a nursing home once they can no longer care for themselves, others wish to remain in their homes, if possible. These days, there are a variety of programs that provide people with long-term care at home, some of which are run by the state.
In the state of New Jersey alone there are an estimated 1.75 million individuals fulfilling a caregiver role. Most of them are doing so unpaid. Whether taking care of a family member or friend, it is a difficult, stressful, and exhausting duty and tasks can include basic needs such as assistance with dressing, cooking, or running errands. In situations involving special needs patients, a caregiver may operate necessary medical equipment, dress wounds, or monitor and manage prescription medication-- often, with no training.
Many people in New Jersey and across the nation take the step of establishing a long-term care plan for how they want to pay for the health care services they or a loved one will need as they age. Some people will want to utilize Medicaid services as a means of affording health care services. It is important to have a basic understanding of what Medicaid is, so you can determine if it is right for you.
When a person in East Hanover is engaged in the estate planning process, they may be thinking not just about how their assets will be passed on to loved ones, but also how they will meet their financial needs as they age. Many seniors anticipate relying on Medicaid or other government benefits to pay for their long-term care needs. However, a person must have limited financial resources to qualify for such benefits.
There are a variety of ways to pay for long-term care. Some people in New Jersey have a long-term care insurance policy. Other people may be eligible for public benefits aside from Medicaid like, for example, Veterans Affairs Aid and Attendance. A person may take out a home equity loan or a reverse mortgage to pay for long-term care. For certain individuals, it may be possible to fully deduct long-term care costs from their federal income taxes. Funds in retirement accounts can also be used to pay for long-term care.
Some people in New Jersey may have given thought to how they will afford the care they may need as they age, and thus have a long-term care insurance policy as part of their estate plan. However, such policies can be expensive, as premiums are constantly increasing. Therefore, it might be worthwhile to consider other alternatives to long-term care insurance.