Are You Aware Of Medicare Limitations?
It is a rude awakening when you start to reach middle-age and find that you are not prepared for
retirement. One of the reasons why far too many people find themselves in a bad position is because
they expect too much from Social Security and Medicare.
These programs are intended to act as a safety net but they are not in any way comprehensive. Social
Security provides a very basic level of income, with an average payout that is around $1200 per month
Medicare also has very significant limitations. There are out-of-pocket expenses associated with
routine health care services, and you must be aware of them and budget for them appropriately.
In addition, there is the matter of long-term care. The United States Department of Health and Human
Services tells us that the majority of senior citizens will in fact need help with their day-to-day needs
Medicare does not pay for long-term care, and assisted living costs are very high right now and
If you have not explored the issue you may be surprised to hear that the average cost for a private
room in a nursing home in the United States in 2011 was $239 per day, a 4.4% increase over the 2010
figure of $229. This factors out to over $87,000 annually.
Without question, potential future medical expenses are something to take quite seriously when you
are making preparations for your active retirement years and the twilight years that will follow. To gain
an understanding of how to address these costs given your unique situation take a moment to arrange
for an informative consultation with a licensed and experienced Indianapolis elder law attorney.
Experienced estate planning attorneys Indianapolis IN of the Frank & Kraft Attorneys at Law offers
estate planning and business planning resources to residents of Indianapolis IN. To learn more about
these free resources, please visit http://www.frankkraft.com today.