As you look to the future of your estate plan and retired years, have you considered whether you have room in your budget for a healthcare crisis? While most people hope to live long and healthy lives without a major illness or accident-related problem, it’s smart to think about your possible sources of funding should the worst happen.
Most people underestimate the possibility of needing long-term care in the future, which is why so many people don’t take out a long-term care insurance policy and can be caught by surprise with a sudden incapacitating event.
Planning for the rising costs of health care is extremely important for your overall financial strategy, and also as part of your potential estate. Health care costs have been rising significantly for decades and typically outgrow inflation, but new research shows that most people struggle to plan in advance when it comes to health care costs. On average, people in America spend 145% more than they anticipated on annual out-of-pocket health care spending.
These costs could be even higher, depending on whether or not you sustain a severe injury or condition that requires months or even years of additional support. It is critical to establish a strategy for planning for your own financial future, and anyone of all ages should also contemplate how long term care planning fits into their estate planning strategy. Working with a talented estate planning or long term care elder law attorney in New Hampshire is recommended.