There are certain legal issues that are of particular relevance to senior citizens, and elder law attorneys address these matters. One very important eventuality that should be addressed is the matter of long-term care. Living assistance is very expensive, and Medicare will not pay for it.
Some people take the matter lightly, because they are healthy and they assume that they will never need help with their activities of daily living. In fact, seven out of every 10 seniors are someday going to need long-term care.
Alzheimer’s Disease
You may wonder why so many people eventually need nursing home care. Alzheimer’s disease is one of the leading causes of incapacity, and many people in nursing homes are suffering from this disease.
We have all heard of the disease, but many of the facts surrounding it are somewhat surprising when you do your research. The Alzheimer’s Association website is a good source of information about the disease, and you can explore their site to gain an understanding of this looming threat. According to the site, around 45 percent of people who are at least 85 are suffering from the disease.
This is a very eye-catching statistic, especially when you understand the fact that the oldest segment of the population is growing faster than any other. According to the Social Security Administration, if you are celebrating your 65th birthday today, it is likely that you will live into your eighties.
When you digest these facts, you can see why you may want to brace yourself for nursing home costs that may present themselves late in your life.
Solutions
Elder law attorneys help people who are looking for solutions when it comes to long-term care. For many, the best option is Medicaid. You are probably aware of the fact that this is a government health insurance program that is in place to provide coverage for people with very limited financial resources.
Seniors who are aiming toward Medicaid eligibility often give assets to their loved ones before they apply. This can be an effective strategy, but you have to plan ahead in advance in an intelligent and informed manner.
To obtain eligibility at the right time while you keep assets in the family, you have to act in light of the five-year look-back. Your eligibility is delayed if you give away assets within five years of applying for Medicaid.
Free Medicaid Planning Consultation
If you are concerned about future long-term care costs, our firm can help. We offer free consultations, and we would be glad to get to know you, gain an understanding of your financial situation, and answer all of your questions.
To set up an appointment, send us a message through our contact page: Smithtown NY Elder Law Attorneys.
Mark S. Eghrari, Estate Planning Attorney
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