A Tampa CPA Can Help You Stay Prepared for Large and Ongoing Medical Expenses

Ongoing Medical ExpensesNo matter how healthy you are today, the odds are good that you will one day be faced with large and potentially ongoing medical or late-life expenses. Even if you expect to be among the approximately 70 percent of elderly Americans who receive care at home from family and friends, it’s important to think about all of your potential long-term care needs before you decide how to proceed financially. You might find that you need assistance with daily routines such as dressing, eating, exercising, bathing and using the restroom. Or, you might need specialized medical care in the event of a chronic illness or debilitating injury.

A Tampa CPA from Reliance Consulting, LLC, can help you develop a plan for that inevitable day when you or a loved one requires long-term medical care. When considering the cost of long-term care, it is vital that you remember that Medicare only covers certain nursing facilities and home care, and then only under certain circumstances. Medicaid can help with nursing home costs, but usually is only available to low-income or elderly patients. The professional staff at Reliance Consulting can help you look ahead and be prepared if Medicare and Medicaid aren’t enough.

There are a number of ways to help offset the future cost of long-term care:

  • Personal savings account
  • Long-term care insurance
  • Reverse mortgage on property
  • Veteran benefits
  • Accelerated life insurance payouts

Contact a Tampa CPA at Reliance Consulting, LLC to learn more about how to plan for your potentially large and ongoing medical expenses, or to prepare to help with those of a loved one.

 

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