10,000 people a day turn 65 years old. Statistics show that at least 40% will eventually need some form of long-term care before they pass away. It can be an expensive proposition if you are not prepared. Having to pay as much as $7000 a month for a nursing home can quickly have a devastating effect on one’s finances.
Most people do not have long-term care insurance for it can be cost prohibitive or coverage can be denied due to a medical condition. Even if you have such insurance, the coverage could be inadequate and you may still have to pursue other methods to pay for nursing home care such as Social Security, retirement, savings, and investments. All options should be explored including Medicaid, which, contrary to poplar belief, does not require one to lose all of one’s assets before becoming eligible.
Once our clients are eligible for Medicaid, we feel there should be an ongoing relationship with the client, spouse, and family members about what to do and, more importantly, what not to do concerning continuous eligibility and being able to deal with any events that might have an adverse effect on our client’s care. You have to watch out for changes in both federal and state laws and for all the scams that are out there designed to take advantage of baby boomers and their parents.
Again, at Elder Law of Kansas, P.A., we are dedicated to achieving your peace of mind.