Supporting Your Aging Loved Ones
By LEU & PEIRCE , PLLC
PHOTO BY XAVIER ARNAU
The holiday season is a time for reconnecting with loved ones and reminiscing about fond memories . For those of us with aging family members , we now find ourselves with additional concerns about their wellbeing , because our mere presence with them could put them at risk of contracting the COVID-19 virus . Because families often live far apart , we look forward to the holidays to get together and check in on each other . This year , however , many families will choose not to gather , in an effort to protect each other and , in particular , their older family members who are at greater risk of harm from the virus . Communications may be limited to telephone calls and , for those who can accomplish it , video conferences by computer . However you can manage it , discussions about planning for the future are very important in these uncertain times .
While many people think only of a Will when contemplating the legal documents necessary to protect their future , there are more documents and considerations in developing a wellrounded estate plan . A basic estate plan should include the following documents :
• Statutory Durable Power of Attorney
• Medical Power of Attorney
• Directive to Physicians and Family or Surrogates ( Living Will )
• Authorization to Release Medical Information ( HIPAA Authorization )
• Declaration of Guardian
• Will
Although often overlooked , the Statutory Durable Power of Attorney and Medical Power of Attorney are critical parts of longterm care planning that enable your loved one to designate who will act for them if they are unable to handle their own financial and healthcare decisions . Encourage your loved one to appoint who they trust to handle their affairs now , as well as in the future . Sometimes people appoint family members as agents to keep affairs private and avoid hurting feelings , but a family member may not always be the best option . In all cases , signing estate planning documents should be done only after deep reflection regarding the abilities and trustworthiness of each agent .
Healthcare has become one of the most confusing and uncertain issues seniors face as they age . This is especially true when it comes to preparing for the cost of funding long-term care . Long-term care differs from other types of healthcare . The goal of long-term care is not to cure an illness , but to allow an individual to maintain an optimal level of functioning . There are a wide range of choices for seniors , from independent to assisted living to skilled nursing facilities . Some people want to stay in their homes as long as possible and bring in outside help to make that possible . Others want the freedom from home maintenance that a senior residence community offers . There exists a longstanding myth that Medicare will pay for all healthcare needs of seniors , including long-term care . The reality is that Medicare provides support only in limited situations . Medicare does not pay for assisted living , memory care , or long-term custodial care in skilled nursing facilities .
Some people are fortunate to have the ability to private pay for long-term care , which ranges from $ 3,000 –$ 16,000 / month in the Dallas-Fort Worth area . Others have long-term care insurance to pay for care . Because long-term care insurance may not be available for individuals with certain existing health problems , it is important to investigate the availability of long-term care insurance as early as possible . If your loved one cannot qualify for long-term care insurance , there are financial options that may fit their circumstances and provide similar coverage . All individuals approaching retirement age should have a plan in place for funding their long-term care needs .
Do not put off discussing these issues with your family . Most professionals have put special pandemic procedures in place to allow communications , and even the signing of documents , while keeping everyone safe from the risk of the virus . Encourage your loved ones to seek qualified professional advice on legal documents , healthcare , insurance , and financial planning . Professionals , such as Elder Law attorneys , who work primarily with seniors , are attuned to the complex financial and social decisions their clients face . Additionally , they can often provide connections to a community of support agencies and organizations , such as geriatric care managers , psychologists , and other professionals who may be of assistance to seniors and their families . Talking about these issues with your aging loved ones now can help ensure they will have what they need to provide for their care in the New Year , and for many years to come .
Lori Leu , Erin Peirce , and Lauren Olson are Elder Law attorneys with Leu & Peirce , PLLC located in Plano , Texas . They can be reached at 972-996-2540 to answer questions you may have about supporting your aging loved ones .
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