“As individuals age, navigating the complexities of Medicare becomes an essential aspect of elder law and estate planning,” Al Kushner observes in a LinkedIn piece. That isn’t easy, as we Indiana eldercare attorneys are keenly aware…and it’s hardly getting easier…
- Following the signing in July of this year of the One Big Beautiful Bill Act (OBBB), many aspects of long-term care planning and asset protection have been impacted. For one thing, the new law includes an estimated $1 trillion in Medicaid cuts over the next ten years, severely impacting estate planning strategies centered around asset spend-down”.
- Meanwhile, planning for both healthcare and long term healthcare costs must be balanced with inheritance planning and protection of assets for the next generation.
- From rising costs to regulatory changes, the availability, affordability, and effectiveness of long-term care insurance is becoming more and more challenging.
As Indiana elder law attorneys, we certainly agree that long-term care planning has an important place in both retirement and estate planning, helping clients take charge of their finances and protecting both themselves and their heirs. And, while we offer no insurance products or direct insurance advice, working with other advisors to address product choices, in this piece about Medicare and estate planning, we think it important to discuss the dilemma emphasized in the Kushner LinkedIn article cited above, that technology is having in the long term care insurance arena.….
Technology is enabling three aspects of long term healthcare delivery, reducing costs and potentially improving the quality of care:
- Teleheallth services (virtual doctor visits)
- Remote monitoring
- Robotic assistance
Yet, long term care insurance companies have generally not adapted their policies to allow for these kinds of care. (Ironically, this seems to be an arena in which things are “staying the same”!)
“Estate planners must consider how Medicare-related decisions affect inheritance planning,” Kushner aptly concludes. “Exploring options such as life insurance policies or annuities can provide additional financial security for beneficiaries.”
– by Cara Chittenden, Attorney with Geyer Legal Group, PC
