Custodial care is not covered by Medicare. This is the type of care that you would receive in a nursing home or assisted living community. Medicare will only pay for convalescent care after surgery for a period of time not to exceed 100 days.
This presents a challenge for many individuals, because the majority of Americans will eventually need long-term care. A stay in a nursing home or assisted living community is extremely expensive. Most people cannot comfortably pay these expenses out-of-pocket.
A possible solution exists in the form of Medicaid. This program provides health insurance for people who have very limited financial resources. However, if you have resources that exceed the parameters, you could take steps to prepare yourself for eligibility.
Medicaid Planning & Dementia
Many people require long-term care because they are suffering from dementia. According to the Alzheimer’s Association, roughly 45 percent of people who are at least 85 suffer from Alzheimer’s disease.
Life expectancies are increasing. Once you have reached the age of 65, it is likely that you will live into your 80’s.
Alzheimer’s disease is certainly a threat to anyone who lives to an advanced age, and it is even a threat to younger seniors.
If you were to recognize Alzheimer’s symptoms you may want to consider planning ahead with Medicaid eligibility in mind. It is possible to position your assets in a way that benefits your loved ones. If you do this in advance, you can potentially gain eligibility while keeping a maximum store of resources in the family.
The Alzheimer’s Association website is a good source of information for people who are interested in this disease. Those who are planning ahead for the eventualities of aging should definitely be aware of the facts.
You can reach the section of the website that is devoted to warning signs by clicking this link: Alzheimer’s Signs & Symptoms.
Medicaid Planning Report & Free Consultation
There is a lot to take into consideration when you look ahead toward the future. Long-term care costs are a wildcard that many people don’t consider when they are planning for retirement.
Program rules are complex, and people are understandably going to have a lot of questions. We have compiled a free special report that will answer many of these questions.
This report explains how you can set the stage for Medicaid eligibility. To obtain your copy of the report, click this link and follow the instructions: Free Medicaid Planning Report.
After you read the report you may want to discuss things in person with a licensed elder law attorney. If you’re interested in doing so, contact our firm to request a free consultation.
- Updated Federal Gift and Estate Tax Figures for 2023 - January 26, 2023
- Why Estate Planning Is Important for Multi-National Couples - January 24, 2023
- When Do I Need to Update a Trust Agreement? - January 19, 2023