Long-Term Care Planning And Personal Injury
Brian O Sutter
Personal Injury
Auto accidents, falls in public places, and injuries from all kinds of accidents can complicate and harm anyone’s life no matter their age or station. However, for those later in their lives, being injured by an accident can be especially damaging.For those fortunate enough to have the means and foresight to have a long-term care plan, they may feel more confident in their future, however unexpected events such as a serious accident can throw even the best-made plan into disarray.
What Exactly Is Long-Term Care?
The term “long-term care” essentially refers to planning for the later years in life when we get older and may require assistance to navigate the daily routines of life.
Long-term Care can encompass a variety of needs including many that are non-medical such as assisted living, help with daily activities like meal preparation, dressing, following medical plans, and quality of life activities. Long-term care planning will require figuring out who will provide this care - whether it’s a family member or an assisted living facility, and how much this will cost all involved and how those costs will be paid for.
A Daunting Challenge In Today’s Economy
In the past, many of us looked to rely on savings, company pensions, and retirement investments, or at least social programs like social security, Medicaid and other social safety net programs to cover expenses during retirement. However today for many of us things have changed and what worked before is no longer enough. We have had to weather many external pressures that for many, have reduced their retirement plans to a fraction of what they were. The housing crash, great recession, then the pandemic have reduced the assets many were counting on for later years, and far fewer employers offer adequate retirement benefits like pension plans and 401ks, especially in right-to-work states like Florida. Social security is not nearly enough to cover living expenses and all of this will make planning for long-term care far more challenging for many.
Accidents Can Harm Even The Best Laid Plans
Whether you have been fortunate enough to have a long-term care plan that will cover your costs into retirement or not, an unexpected injury from an auto accident can throw even the best-laid plans into disarray. With a higher than average percentage of retirees, southwest Florida also has more than its fair share of retirement age people getting into serious accidents, and insurance companies will still do what they can to pay as little as possible no matter the needs of the injured.
Planning For The Unexpected
While no one can plan for everything, we recommend reviewing your insurance coverages periodically as your needs change. For some, it’s tempting to purchase less coverage as they age, as for many in retirement daily risks and financial responsibilities are reduced, however, a single accident can change all of that in an instant. Be sure that your auto, health and even homeowners insurance plans will provide enough coverage should a serious injury happen, whether you are injured, a passenger is injured or if the other driver has been injured. Also, be sure that your homeowner’s insurance has some liability coverage for guests that get hurt in an accident within your home. Being held liable for another’s injuries can be just as damaging to your retirement plans as if you were hurt in the accident.
Where To Look For Help With Long-Term Planning?
For most of us, the world of insurance, finance, taxes, and law is too complicated to understand well enough to create a solid long-term plan. However, there are many professional planning firms that can help.
Below are links to resources that will help locate qualified long-term care planning:
Finding Local Services
https://acl.gov/ltc/basic-needs/finding-local-services"
Medicare & Longterm Care
https://www.medicare.gov/what-medicare-covers/
Long-term Care Planning Guide
https://www.nia.nih.gov/
Long-term Care Planning Resources
https://eldercare.acl.gov
Long-term Care Planning For Military Veterans
https://www.va.gov/
Recovering From A Serious Accident Injury
However well you have planned, if the worst has happened and you have been involved in a serious accident you can count on the insurance companies involved all working to pay as little as possible no matter what happened.
Medical bills and property damage, lost wages and ongoing therapy can be hugely expensive after a crash, and you will need an experienced attorney to get the compensation you deserve.
If you or someone you know has been hurt in an accident contact the experienced injury attorneys at All Injuries Law Firm today at (941) 625-4878 for your free case review.
Our Attorneys have decades of experience helping injured people get the compensation they deserve and recover from their crash to get back to normal.