As if all the complications of aging weren’t confusing enough on their own, now there’s another thing to deal with: elder law. What is it? How can you tell if you need it?
Rather than making things more confusing, the goal of elder law is actually to simplify the process by guiding people through many of the most complicated aspects of aging. Elder law is not a specific brand of the law by itself. Instead, it covers a broad range of topics generally faced by older Americans, including healthcare, Medicare/Medicaid, estate planning, probate, power of attorney, etc. In this article, we’ll go over some of the most important aspects of the law covered by elder law and how you can use it to your advantage as you and your loved ones age.
Elder Law Can Help You Navigate Healthcare
The American healthcare system is confusing even when you’re in your prime and require little or no medical attention. As we age, not only do we need more care, but the process of getting that care gets increasingly complicated. Instead of just dealing with one health insurance provider, you might have to navigate Medicare and/or Medicaid, as well as any health insurance company providing supplemental insurance.
Then there’s long-term care insurance, which can help pay for things like in-home healthcare or assisted living.
The simplest way to cover these costs is simply to pay out of pocket, but that option is too pricey for many people, in which case a qualified elder law attorney can help them navigate all the steps required to get the coverage they need.
Elder Law Can Help You with Your Estate Planning
Our estate planning needs also tend to change as we age. While a qualified financial planner can help protect your assets from taxes so your dependents and beneficiaries aren’t left with a tax burden when you’re gone, as we get older, we’re more likely to need long-term care and/or assisted living, and that’s where elder law comes in. Elder law takes a more holistic approach to your finances by helping you set aside funds and assets for your loved ones while making sure your healthcare needs are not neglected.
Too many people make the mistake of assuming they’ll never need long-term care or assisted living, and they fail to account for it in their financial planning. Elder law can help prevent you from making that mistake to ensure both you and your loved ones are covered.
Elder Law Can Help You Navigate Power of Attorney
Your power of attorney is the person capable of making financial and medical decisions for you when you are no longer capable of making them yourself, but there are different kinds of power of attorney. In addition to helping you make sure only someone you trust is granted your power of attorney, elder law can also help you protect your ability to make decisions for yourself as much as possible. For example, a “springing” power of attorney means the rights of your durable power of attorney don’t lock down until certain requirements have been met, such as a specific medical diagnosis.
If you have questions about elder law and/or assisted living, we’re happy to help. Reach out now to start a conversation.