There are no guarantees in life, and that is especially true when it comes to Medicare and Medicaid. The long-term prospects of these government-backed health insurance measures remain uncertain. While millions of Americans benefit from them today, there is a very real possibility that the amount of money available to future retirees will be significantly less than it is today – if the programs even exist at all. Because the U.S. Department of Health and Human Services estimates that about 12 million Americans will require long-term care by the year 2020, there is a very good chance that you or someone you know will need more money – perhaps much more money – than Medicare or Medicaid can provide later in life.
A CPA in Tampa from Reliance Consulting, LLC, can help you decide if you are on the right path to make sure that you have enough money to cover expenses associated with long-term care. These might include costs of an assisted-care facility, or even simply paying taxes on a home that might or might not have an existing mortgage. It’s extremely important to think about these potential costs before they become a factor. A little preparation today can provide an enormous amount of peace of mind later.
Depending on your circumstance, your best way to prepare for long-term care could be one or more of the following:
- Personal savings account
- Long-term care insurance
- Reverse mortgage on property
- Veterans benefits
- Accelerated benefits from life insurance
A certified public accountant from Reliance can help you make plans now for your comfort and security later. Contact us today to get started on your plan for long-term care.