—
While it is often awkward to discuss end-of-life issues with friends or family members, planning ahead plays an important role in estate planning. A new report states that the recent death of Barbara Bush after declining all but ‘comfort care’ and the change in attitude by Senator John McCain regarding his approach to his brain tumor have played a significant role in raising awareness and opening communication about the topic among older adults.
The Importance of Planning for End-of-Life Care
Just prior to Barbara Bush’s death, she chose to focus on quality of life and remained at home, rather than undergoing hospital treatment. While Senator John McCain has not made a formal announcement, his new book released in May, The Restless Wave, indicates he is taking the same approach. In it, he acknowledges that his time is short, and he has begun gathering friends to his Arizona ranch.
Choosing to spend the final days at home rather than in the hospital requires advance planning. A May 28, 2018 report in the Seattle Times states it is an issue that too many people simply fail to address. While 90 percent of those on Medicare would prefer having end-of-life services provided at home, only one-third ever achieve this goal.
Much of the problem centers around cost. Long-term care is expensive and typically not covered by Medicare. While Medicaid does provide coverage, it does so only after other resources have been depleted, which is often too late. “Long-term care planning needs to commence before the need arises,” says Washington State attorney William A. Hickman.
Address Future Needs In Your Estate Plan
Hickman advises clients to consider options such as long-term care insurance to help ensure future costs are provided for. “As with any insurance policy, the earlier a person can buy in, the less expensive the premium.” Another option is establishing a trust as part of Medicaid planning. This can help protect and preserve assets, while ensuring the home-based, long-term care services that are desired.
Release ID: 370534