Estate planning is a long-term process that involves many decades of making the right moves at specific moment’s in a person’s life. This process includes many complications and complexities, but the final years might hold the greatest challenges.
Seniors face many difficulties at a time when they no longer have the physical and mental vigor of youth.
Paying for long-term care
The U.S. Department of Health and Human Services provides general information on paying for long-term care services for seniors or those with disabilities. Some of the most common sources of funds include the following:
- Personal funds from savings, pensions and home sales
- Government programs, either federal or state
- VA benefits
- Private payment options
The final category in the list includes long-term care insurance. The cost of this type of policy depends on many factors including the different services covered and the age of the policy holder at the time of purchase. A long-term care policy often costs less per month for younger people who are healthy than for older people with health issues.
The role of VA benefits
Military veterans with or without service-related disabilities sometimes have access to financial help for long-term care. The U.S. Department of Veteran Affairs provides assistance for eligible veterans and surviving spouses in the following care environments:
- Nursing homes
- Assisted living facilities
- Adult day health programs
- Private homes
In some cases, such as those concerning a veteran who has service-related disabilities, the department pays for most or all of the services, while in other cases the VA pays a portion of the cost of care depending upon the income and assets of the individual. The agency provides much information for those veterans and their families who need services.