Disability And Long-Term Care Planning
Disability, whether short term, long term or permanent, can be much more common than you might realize. It is estimated that one out of every four of today’s 20-year olds will become disabled before they reach retirement age.
A good time to take proactive steps to protect yourself from the financial devastation of a disability is when you are planning your estate matters. I am elder law attorney Donald Witmyer and my firm can help you evaluate your long-term care needs and establish strategies for preparing for a variety of disability scenarios.
The Costs Of Long-Term Care For A Disability
More than 90 percent of disability claims are related to illnesses, rather than the result of an accident. Disabling conditions can include:
- Heart disease
- Musculoskeletal conditions such as back and neck injuries, or muscle and joint issues
- Nervous system disorders such as strokes, Parkinson’s disease, or Alzheimer’s disease
- Mental health challenges
Florida has many care facilities for those who need them, but the annual cost of a room in a skilled nursing facility can be incredibly expensive. Other options for obtaining care include delivery at home by visiting professionals or unpaid family members, or utilizing community support locations.
Choosing How To Fund And Oversee Disability Care
As your estate planning lawyer, I will review your current assets and income, and we can uncover options for ensuring your disability and long-term care needs are met. These options may include:
- Self-funding. You may be able to fund some care needs through savings or the sale of large assets.
- Long-term care and disability income insurance. These types of insurance require an upfront investment, but provide peace of mind and allow you to select the exact level of care and support you want to build into your future.
- Veterans benefits. If you served in the military, you may be able to access additional income and disability support services.
Additionally, during estate planning, I can assist you in setting up special trusts for funding the ongoing care of disabled loved ones and drafting advance directives that spell out preferences for yourself during medical emergencies.