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SSD beneficiaries: Please consider long-term care planning

When you have come to rely on certain benefits, it can be difficult to contemplate an altered financial reality. True, those who receive Social Security Disability benefits (SSD) will generally retain their right to receive them for as long as they qualify. However, there may come a time when SSD benefits are simply not sufficient to cover the cost of your living expenses and medical care.

All Americans, SSD beneficiaries included, are encouraged by experts to consider long-term care planning. According to the U.S. Department of Health and Human Services (HHS) approximately seven out of every 10 Americans over the age of 65 will require long-term care for some period of time. Failure to plan for this expense can lead to serious consequences.

One way that you can plan for this possibility is by purchasing long-term care insurance. If you purchase it early enough, chances are that you will have little trouble obtaining coverage and it will be priced reasonably. Unfortunately, this insurance may not be readily available to individuals with certain medical conditions. But if you cannot obtain insurance readily and you are concerned about discrimination, your attorney may be able to help you navigate your coverage options.

If you receive SSD benefits, you probably understand better than most Americans that unexpected illnesses and injuries can change your life dramatically. Whenever possible, it is important that you think ahead to your later years and prepare for them accordingly. Planning ahead can help to ensure that you receive the quality of long-term care that you may need and certainly deserve.

Source: Daily Finance, “7 Myths of Long-Term Care,” Ilyce Glink, June 14, 2013

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