Excerpt from: The Smith Law Firm, P.C. Elder Law Blog (click here for full post)
During the month of March, and after much debate, the Patient Protection and Affordable Care Act of 2010 and the Health Care and Education Affordability Reconciliation Act of 2010 were signed into law. This legislation, commonly referred to as “health care reform,” made sweeping changes to health care as we currently know it, including the introduction of new programs aimed to assist older Americans with long term care.
There are a number of provisions within the health care reform legislation that can provide significant benefits to seniors and their loved ones. However, it will be months and years before many benefits are fully realized, if at all. This new legislation and the need for it brings to light the potential financial crisis that many seniors may face once long term care is required. It is vitally important for individuals to create a long term care plan that covers how care will be obtained, how it will be paid, and who will act on behalf of the individual in the event of incapacity.