There are different stages that you pass through along life’s path. At first, you are going to be concerned about your own place in the world as an adult. Many people will become parents at some point, and a new set of concerns will present themselves.
Time goes by quickly, and though it can be hard to wrap your head around it when you are younger, there are eventualities that you inevitably start to recognize as you reach the middle portion of your life.
To be properly prepared for your senior years, you should create a plan that leads to comfort and security. Most people are aware of the fact that retirement planning is important to set aside the resources that you will need to put your working years behind you. These active retirement years can be among the best years of your life if you have adequate resources.
Beyond the active retirement years, there are also the twilight years. This stage of your life can come with some challenges.
Long-term care is something that most elders will require at some point in time. There are different levels of care that may be required. For a while at least, family members and friends may be able to provide you with minimal assistance while you are still largely capable of handling your own activities of daily living.
However, at some point in time, you may need care that the people around you simply cannot provide. Many elders do eventually reside in nursing homes or assisted living communities, and these facilities are very expensive.
Medicare does not pay for the type of care that you would receive in a nursing home or assisted living community. This care is looked upon as custodial care rather than medical or convalescent care.
When you are creating a budget for your elder years, you should take this reality into account, because 70 percent of seniors will someday need help with their day-to-day needs.
The solution for many people is Medicaid. This program does pay for long-term care, but you do not automatically qualify for Medicaid coverage if you are a senior citizen who requires living assistance.
The Medicaid program is only available to people who can prove that they have a significant level of financial need. As a result, it takes careful planning to qualify at the right time. People often give away assets to their loved ones before they apply, but you have to act in advance, because the gift giving must be completed at least five years before you submit your application.
These are a few things to think about, but there are others. If you would like to devise a holistic plan for aging, contact us through the following link to set up a no obligation consultation: Hartford CT Elder Law Attorneys.