Week 5: Medical Care Planning

Medical Care Planning – Video Webinar – Fall 2021

 

Video Presentation By Peter Kote, Trevor Murprhy and Michael Demoratz

In this session you will learn the definition of Long Term Care and how you should go about reviewing your needs.  Long Term Care covers care giving services to assist individuals with Activities of Daily Living that can be provided by family members or outside professionals.

Long Term Care could be one of the greatest expenses during our lifetime. It is imperative that seniors discuss LTC and make sure they have sufficient liquidity in their estate.  Our government has put together a website with an abundance of information and resources that we have found extremely useful. Their break down of LTC is as follows…

Please visit LongTermCare.gov for more information
  1. Understanding long-term care services and your possible need for services can help you maximize your independence and functioning at a time when you may not be fully independent due to a sudden illness, chronic condition or accident. 
  2. Planning ahead for long-term care is important because there is a good chance you will need some long-term care services if you live beyond the age of 65. Almost 70% of people over 65 need LTC. Information on this site can help you plan.
  3. Paying for long-term care is difficult. Many people think Medicare pays for long-term care – but it doesn’t. Paying for LTC out of your personal income and resources can be very costly.

Here at Financial & Estate Literacy, we highly recommend you update your Advance Health Care Directive (sometimes called a living will or a Durable Attorney for Medical Decisions) AND either the booklet called “Your Way” (www.help4srs.org) or 5 Wishes (www.agingwithdignity.org)  Most of us do not spend enough time with our agent/representative to let them know how we want our death and medical care handled when we cannot communicate with the doctor ourselves.

 

Own Your Future

A Video from the Minnesota Department of Health & Services

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