Elder law attorneys are sensitive to the needs of people who are concerned about the contingencies that they may face toward the end of their lives. There are many things to take into consideration, and you should act in a fully informed manner if you want to enter your senior years with peace of mind.
One major elder law issue that everyone should be aware of is the matter of long-term care. It is natural to assume that Medicare will pay for all of your health care expenses once you obtain eligibility at the age of 65. Unfortunately, this is not entirely true. Medicare will not pay for long-term care.
You could cross your fingers and hope that you never need long-term care, but if you are capable of handling all of your own affairs every day of your life, you will be in the minority. Seven out of every 10 seniors citizens will need help with their activities of daily living eventually according to a government agency.
Long-Term Care Costs
Unless you have extremely deep pockets, it is not easy to get out your checkbook and write a check for long-term care if you ever need it. Long-term care costs are high all across the country, but in our state of Connecticut, the expenses are higher than the national averages.
Genworth Financial makes an effort to keep a finger on the pulse of long-term care costs, and according to their survey, the median annual cost for a private room in a nursing home in Connecticut in 2014 was a whopping $155,125. The median cost for a semi private room was over $142,000 per year.
Some people do not require extensive care, but they do need help with their activities of daily living. These individuals often reside in assisted living communities. Though these communities are not as expensive as nursing homes, the the costs are considerable. Last year, the median annual charge for a one-bedroom unit in a Connecticut assisted living community was $63,468.
When you consider the fact that people often require multiple years of care, these figures can get quite high. Paying out-of-pocket could potentially exhaust everything that you intended to leave behind to your loved ones.
Medicaid Planning
Though Medicare will not pay for long-term care, there is another government health insurance program that will pick up the tab if you can qualify. Medicaid does pay for living assistance, and in fact, it pays for most of the nursing home care that seniors are receiving at the present time. However, it can be challenging to qualify, because Medicaid is a need-based program, so there are income and asset limits.
If you would like to obtain some in-depth information about the rules and regulations, download our special report. This report is being offered free of charge, so there is no risk involved.
To get your copy of the report, visit this page: Hartford CT Medicaid Planning.
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