While aging is something that most people have no control over, you can at least orchestrate the best quality of life possible. Even if you have saved for your retirement, you never know if you might need long-term medical care or have to stay in a nursing facility.
No matter which one of these paths you end up having to take, the costs of obtaining such care can be something that is totally beyond your original egg nest. This is why Medicaid planning can be one of the best things you could do for your future self.
Know Where You Stand
On one hand, it is important that you have money put away for when you are no longer physically able to go out and earn a living. However, if you end up needing to stay in a nursing facility, the costs can eat up your savings as well as what little pension or other income that you might have.
Having Medicaid can surely help offset the cost of staying in a long-term care facility. However, your income as well as your assets will be considered when determining your eligibility for benefits.
Medicaid and How It Works
A program implemented and run by the government, Medicaid is designed to help people who are disabled, at least 65 years of age, or have low incomes with their medical expenses. While Medicaid is typically available in every state within the U.S., the benefits might not be the same everywhere.
In order to know what type of coverage and benefits you might be eligible for, you must contact the Department of Health and Human Services in your area. Nevertheless, some of the benefits that Medicaid typically offers are as follows:
- Home health care services
- Transportation to and from doctor appointments
- Nursing home expenses
- Hospital stays
- X-ray and laboratory services
- General doctor visits
Keep in mind that not every nursing facility will accept Medicaid; therefore, make sure you understand all of your financial obligations before you are admitted.
Why You Should Apply for Medicaid
Even if you have a retirement fund, having Medicaid can help you make ends meet, so you are barely getting by just to cover your nursing home expenses. With the average cost of staying in a nursing facility being over $200 per day, your retirement fund could be depleted in no time. Having Medicaid as well as your nest egg can help take much of the burden off of you.
Implementing a Proper Medicaid Plan
Medicaid planning should be considered along with planning for your retirement as you never know what might happen in your later years. And just as with retirement planning, you cannot afford to wait until the last minute, or when you are in need of nursing care, to try to get everything in order.
One of the main reasons why you must begin planning for Medicaid and do so early is because your eligibility is based on your assets and income. A seasoned attorney can help you get your finances in order, so you can meet the eligibility requirements while still maintaining a decent retirement fund. With the help of your attorney, early preparation can help ease concerns about your future finances so you can enjoy the present (Source: https://www.brattonlawgroup.com/practice-areas/elder-law-and-medicaid-planning/ ).
When looking for an elder law attorney, make sure you are considering their amount of experience with people in your particular situation. Although they are professional, you should still ask questions about the type of strategies that are available to you and how they can help you secure the wealth you worked so hard to build.