Long-Term Care & Medicaid
When you are keeping your finger on the pulse of elder law issues the costs associated
with long-term care stand out as a matter of ongoing concern. There are those who
assume that once they reach the age of 65 they will receive Medicare, and from that
point forward they will have no significant concerns with regard to health care costs.
Unfortunately, this is not the case when it comes to long-term care expenses such as a
stay in a nursing home and/or an assisted living community.
If you have not taken a look at long-term care costs in a while what you see may shock
you. According to the annual MetLife Mature Market Institute survey the average cost
for a year-long stay in a private room in a nursing home in the United States was just
over $83,500 in 2010. This represents a 4.6% increase over the 2009 figure of $79,935.
Assisted living community expenses rose at a rate of 5.2%, going from $37,572 annually
Depending on your financial capabilities these costs are significant enough to have a
profound impact on the latter stages of your life and the legacy that you will have to pass
on to your loved ones. Though Medicare does not cover long-term care Medicaid does;
that is, if you qualify. People who have over $2,000 of "countable" assets are ineligible,
but your home, car, jewelry, furniture and other personal possessions are not considered
to be countable under most circumstances.
In light of the high and rising long-term care costs we are faced with, many people
would do well to construct a retirement plan with future Medicaid eligibility in mind.
The best course of action is to consult with an experienced elder law attorney who will
help you devise a plan that enables you to optimize your resources while preserving
possible future Medicaid eligibility.
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 www.frankkraft.com today.