Chronic Health Conditions Could Affect Retirement Savings and Estate

A new study finds that later born generations of older adults in the United States are more likely to suffer from chronic health conditions when compared with previous generations. This has important implications for the possibility of long term care planning. Long term care planning refers to the strategies you have in place to protect you if and when you suffer from a disability or medical condition that requires outside support.

Many people turn to friends and family members for immediate support following a disabling event or long-term illness but a stay in a nursing home or other similar facility may be necessary at some point. Many people fail to properly plan for these costs and process, putting them in the difficult position of trying to qualify for Medicaid quickly. The research found that there is an increasing frequency of multiple chronic health conditions, also known as multi morbidity. This is putting an increased financial strain on the wellbeing of older adults as well as federal and medical insurance systems.

This is particularly important given that the number of adults older than age 65 in the United States is projected to grow by more than 50% by the year 2050. If you have not created a long-term care plan, now is the right time to reach out to a qualified and experienced estate planning attorney to protect your interests. There are many different avenues available to you depending on your personal preferences and your financial situation, but taking a proactive planning approach makes it much easier to protect your wealth.

When planning for your own future, find a Maine estate planning lawyer to guide you through the process.