Long Island Medicaid planning attorneys offer help and support in creating a Medicaid plan. It’s vitally important that you talk with an attorney to determine if making a plan to get covered by Medicaid is something that will be important for you to do. Far too many people do not realize that they need a Medicaid plan and so they don’t make this important plan to protect and secure their wealth. If you have not put a Medicaid plan in place, you could end up forced to impoverish yourself as a senior which could result in you losing your legacy. You don’t want to take this chance, so you should reach out to Eghrari Wealth Training Law Firm as soon as possible for assistance.
Getting help from Long Island Medicaid planning attorneys with the process of creating a Medicaid plan is not just something you need to do if you are very old or sick. Many people could benefit from the creation of a Medicaid plan, especially if you have assets that you want to protect or if you are getting older and fear that you will incur high medical costs at some time in the future. You should reach out to Eghrari Wealth Training Law Firm today to find out if you could benefit from creating a Medicaid plan. You can also read on to find out why so many people need a Medicaid plan.
Medical Care is Expensive
One of the big reasons why it’s important to make a Medicaid plan is because getting medical care can be very expensive as you get older. Employee Benefit Research Institute conducted an analysis of care costs for seniors with Medicare and with an optional Medigap plan. EBRI found that a senior couple in the 90th percentile for prescription drug use would need to have around $370,000 saved to cover healthcare costs during retirement. Since most people don’t come close to having this much money set aside to pay for their healthcare needs, many seniors struggle to get basic costs covered. Medicaid can cover things not paid for by Medicare and can also help you to pay for Medicare premiums and co-insurance costs if you are struggling financial. Getting Medicaid to pay for your care can be very important when your expenses are this high.
Nursing Home Care is Very Costly — and Typically Not Covered by Insurance
Another big reason why so many people need a Medicaid plan is because few people can afford to pay for nursing home care entirely on their own. There’s around a 70 percent chance you’ll need nursing home care if you make it to age 65, according to Wall Street Journal, and if you do need this type of care, it is likely that you will require custodial care rather than skilled nursing care. The problem is, Medicare and private insurers don’t pay for custodial care; they only pay for skilled nursing care. While a long-term care insurance policy could perhaps pay for nursing home care, these policies are often very expensive with substantial coverage limitations which means this is likely not an option to cover your nursing home costs either.
If you cannot get insurance to pay for your nursing home care, you’ll be broke very quickly because nursing homes are so expensive. Medicaid pays for those who are eligible for Medicaid benefits, which is why making a Medicaid plan is so important.
Getting Help from Long Island Medicaid Planning Attorneys
The bottom line is, many people need a Medicaid plan in order to protect their assets because they do not have enough money to provide for the care they would need if they got very sick or could not live alone any longer. Further, many people need a Medicaid plan because there are few viable alternatives to cover the costs of essential care. Since Medicare and private insurance aren’t typically options to get nursing home care or long-term care covered and since long-term care insurance policies may be an inadequate solution, qualifying for Medicaid may be the only answer.
The good news is, Long Island Medicaid planning attorneys at Eghrari Wealth Training Law Firm can help you to take the necessary steps to create a plan so your assets are protected and so you can use the money and property you’ve worked your entire lifetime to accrue to create a legacy for yourself and your loved ones. To find out more about how to make a Medicaid plan and to get more details about why the Medicaid planning process is so important, join us for a free seminar: https://www.myestateplan.com/seminars-2/. You can also give us a call at (631) 265-0599 or contact us online https://www.myestateplan.com/contact-us/ to get personalized help with creating your Medicaid plan. To find out more about how our firm can help you put a plan in place, call today.