What people in Iowa should do?
Costs for long-term health care are skyrocketing, and preparing for the possibility of such a financial burden is an essential part of anyone's estate plan. The answer as to what can be done to prepare for these costs depends to a great degree upon a person's available financial resources. However, even people with modest means can do a lot to plan for these high costs.
In Iowa, we're lucky to have a number of organizations that work with the elderly in providing information and assistance. On the state level, the Iowa Department of Elder Affairs has many useful publications available. Visit their website at www.state.ia.us/elderaffairs or call them at (515) 242-3333 with your questions.
Medicare and Medicaid are two separately funded programs offering economic assistance to the elderly. Every senior should know about these programs, how they work, and how to become eligible for benefits. Most folks, however, may still need additional help. In the private sector, advice can be obtained from a good elder law attorney or from an experienced certified financial planner. A professional in this area can do a complete assessment of the particular financial situation and recommend several courses of action to follow in order to conserve financial assets to the greatest extent possible.
No one wants to be poor and end up in a nursing home, destitute. The good news is that there are many things a person or couples can do to prevent that from occurring. The time to find out about such things is as soon as possible. Putting off such planning can result in financial catastrophe and unnecessary economic hardship.
We invite you to give us a call to discuss your situation. Our initial consultation, usually about thirty to forty-five minutes in length, is free.