When you are traversing your career path as a relatively young adult, you invariably have immediate concerns on your mind. However, as time goes on, you may start to consider the eventualities of aging. When you reach this point, you may want to consult with an elder law attorney.
These attorneys focus on matters that are of particular interest to senior citizens. There are a number of different elder law issues that are pressing at the present time, and many people have concerns, because the population is aging rapidly. The baby boomer generation is reaching retirement age, and around 10,000 people are applying for Social Security benefits every day.
One elder law issue that you should be aware of is the matter of elder financial abuse. The MetLife Mature Market Institute conducted a survey a couple of years ago, and it found that losses are in the billions of dollars annually. This is a major problem, and sadly, in many cases caregivers and family members are the perpetrators of the abuse, so countless cases go unreported.
If you work with an elder law attorney, you can take steps to mitigate your exposure to elder financial abuse.
Nursing Home Asset Protection
Nursing home asset protection is a huge priority within the elder law community. The majority of people who are fortunate enough to attain senior citizen status will eventually require help with their activities of daily living. Nursing homes and assisted living communities are extremely expensive around the country, but they are particularly expensive in the state of Connecticut.
Medicare will not pay for living assistance. This type of care is considered to be custodial care, and Medicare does not pay for custodial care.
This coverage gap is considerable, but there is a widely embraced solution. Medicaid is another government health insurance program, and it is jointly administered by the federal government along with each respective state. This program will pay for long-term care if you can meet the eligibility requirements.
It takes careful planning to meet these requirements without losing anything in the process, because there is a $2000 limit on countable assets. Many people give gifts to their loved one so that they can qualify for Medicaid coverage, but you have to act in advance, because there is a five-year look-back. The gift giving must be completed at least five years before you submit your application if you want to become eligible right away.
With the proper planning, you can potentially obtain Medicaid eligibility while you pass along resources to your loved ones during the latter portion of your life.
Schedule a Free Consultation
If you would like to discuss these and other elder law issues with a licensed professional, contact us through this page to set up a free consultation: Hartford CT Elder Law Attorneys.