Senior Health Care And Medicaid Planning
Senior health care can be complicated. If you’re fortunate enough to be able to afford a Medicare supplement policy, you may think you have adequate health coverage for any eventuality. Unfortunately, that’s not always the case and Medicaid planning is necessary to prevent you from losing all of your assets.
At some point, most seniors end up needing long-term health care, which is expensive and often not covered in full by Medicare.
Our elder law attorneys at Wyatt & Butterfield, LLC can help you understand your healthcare options, including Medicaid.
Many seniors are happy when they reach age 65 and qualify for a Medicare insurance policy to help pay for their healthcare. But Medicare policies have limitations and only pay for certain services.
While a Medicare supplement can take care of some of the gaps where Medicare falls short, once again, there are limits. For instance, most Medicare supplement plans will only pay the difference between what a provider charges and what Medicare approves.
Medicare doesn’t allow or approve certain services, particularly where lon- term care is involved. Mostly, Medicare covers basic services like doctor visits, hospital stays, and some medical supplies.
Medicare supplements will usually pay for any deductibles and out of pocket expenses, which typically amount to around 20% of the total expenses approved by Medicare.
Some insurance companies do have Medicare supplement riders that will pay for some services that Medicare won’t approve. But, these riders are rarely all-encompassing and again often fall short for comprehensive long-term care.
So what happens if you have a stroke or another type of medical condition that leaves you with a long-term disability? You’re no longer able to care for yourself and need daily assistance. At that point, seniors need full-time care and are only left with long-term care as their only option.
While Medicare and Medicare supplements may approve and pay for some home health services, nursing home stays, hospice care, etc., it’s unusual that it’ll cover every expense. It also limits the number of days that it will cover.
It’s usually at that time that seniors and their loved ones realize that their only option is full-time care, either at home or in a nursing home. And this type of care is overwhelmingly expensive. Many seniors are faced with losing everything they’ve worked for to pay for the care, or everything is sold off to do so.
Senior Health Care Costs And Medicaid Planning
When you’re younger and working hard to have the lifestyle you want, Medicaid is probably the last thing on your mind. When most people think of the word Medicaid, they mistakenly think that’s it’s only for people who are poor.
But, there are legal ways for you to reduce your income and assets so that you can qualify for Medicaid. This can help prevent you from losing everything you’ve hard to achieve. The only problem is that there is a five-year look-back period that Medicaid will look at to evaluate your situation. So, it’s incumbent upon you to plan as early as possible for future healthcare and long term care issues.
You shouldn’t have to be concerned that your health care will drain your life savings and take everything you have, including the home you raised your family in. After all, you want to leave a legacy behind for your family.
As elder law attorneys, we’ll help to evaluate your goals to help you come up with the best possible financial plan to preserve your assets.
It’s only natural for you to be concerned about healthcare issues and the preservation of your assets. But rest assured, it can all work out. You have certain rights and benefits that you’re entitled to.
Don’t let health care and long-term care costs rob you of what’s yours. We can help make sure it doesn’t happen.
Contact Alaska’s Elder Law Firm Today
It’s important to note that laws concerning senior healthcare are constantly evolving. We make it our job to stay up to date on Alaskan and federal policies concerning healthcare, Medicare, and Medicaid.
If you’re a senior who’s concerned about how current or future medical expenses can impact your financial health as well as your legal rights, contact the elder law attorneys at Wyatt & Butterfield, LLC today.
You need a professional who understands the state and federal Medicaid mandates and laws and can advise you on a wise plan of action.
We’ll look at your particular situation and guide you towards the best choices for you and your family. Acting now can help prevent you or your loved ones from making more difficult choices in the future.