When you are younger, you may not understand the eventualities that you could face when you reach an advanced age. It can be hard to wrap your head around a time when you will not be capable of all the things you’re capable of today. As a result, you may live in the moment without considering how different your life may be in the future.
While this is understandable, if you want to be prepared for the contingencies that seniors often face, you may want to discuss things with a licensed elder law attorney. These professionals are dedicated to legal matters that are of interest to seniors, and you can work with an elder law attorney to prepare yourself for the eventualities of aging.
Alzheimer’s Disease & Long-Term Care
You should certainly prepare for possible long-term care expenses when you are creating a retirement budget. Most senior citizens will need help with their day-to-day needs at some point in time, and nursing homes and assisted living communities are very expensive.
If you are thinking that it is unlikely that you will ever need long-term care, you should understand a few things about Alzheimer’s disease. People who suffer from Alzheimer’s disease experience dementia, and many people with Alzheimer’s ultimately reside in nursing homes.
According to the Social Security Administration, if you are turning 65 today, it is likely that you will live into your eighties. The Alzheimer’s Association tells us that 45 percent of people who are 85 years of age and older have contracted Alzheimer’s.
This is a rather stunning statistic, but you also have to consider the fact that many people who require nursing home care do not have Alzheimer’s disease. When you put these facts together, you can see how long-term care expenses could enter the picture during the latter portion of your life.
Medicare does not pay for long-term care, so elder law attorneys provide clients with solutions. One of them is Medicaid. This government health insurance program does pay for long-term care, but it takes careful planning to qualify, because there are income and asset limits.
If you act in a measured and informed manner with full knowledge of program regulations, you may be able to qualify for Medicaid if you need long-term care without losing anything along the way.
Free Elder Law Consultation
We can help if you have questions about long-term care and the expenses that go along with it. Our firm offers free consultations, and you can send us a message through this page to set up an appointment: Indianapolis IN Elder Law Attorneys.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.