Is Medicare enough to take care of you in old age?

Medicaid planning

Recent studies have shown that more than 56 million people – that’s 17% of the population – rely on Medicare to meet their health care needs, which include long-term care for the elderly, dental care, eye, and hearing care. But does this mean that you can sit back and relax knowing that you can rely on Medicare to look after you in your old age? Unfortunately, no. Here’s why, from a leading NJ elder law attorney:

Health care will be your biggest expense in your Golden Years 

Aging means two things:

  1. Less money coming in, due to retirement, and
  2. More money going out as our medical conditions increase.

In fact, if you and your partner retire today at 65, you can expect to spend more than $250,000 on health care premiums alone. This is without including out-of-pocket expenses or long-term care costs for assisted living/hospice and other elder care options.

Long-term care insurance is a popular option for helping to ease this financial burden, but that is becoming more expensive in itself, largely because people are living longer than ever before. Generally, people need care for 3 years, but this time span is increasing as we get better medical care and stay healthier longer. In fact, 20% of today’s older adults will require 5 or more years of long-term care in some form or another.

Medicare is limited 

Medicare places restrictions on the type and the duration of care a person can receive. For example, they will only cover long-term care for short periods of time, like after an operation or sickness. It doesn’t cover daily assistance like bathing, meal preparation, dressing and other services that keep the elderly independent. Long-term care insurance is far less limited with a variety of options that include home health aides, nursing homes, hospice and assisted living. However, these options come at a cost.

It’s never too late to start planning 

If you would like assistance in understanding and accessing your Medicaid and Medicare benefits, speak to Frank R. Campisano today. Experienced in elder law, compassionate and committed to his clients, you’ll receive the highest quality legal expertise and guidance that will help you secure better care. In addition, he can also prepare supplementary estate planning documents, such as your Last Will and Testament, Power of Attorney documents and trusts. For compassionate legal guidance and a free consultation, please contact us or visit our website at today.


The first steps to starting your estate plan

Whether you’re single, newly married, divorced or have kids, there’s never a wrong time in life to sort out your estate plan. But what should you do right after you’ve made this decision? Here are tips for preparing to create your estate plan, from a leading NJ estate planning attorney:

  • Take inventory:

A big part of estate planning is deciding what happens to your assets in the event of your death and the best way to preserve them for your heirs. So, it’s natural that your first step is to establish exactly what  you have. Asset lists commonly include cars, banking accounts, investments (including retirement plans and insurance), property, jewelry, and sentimental items.

  • Who gets what:

The second step is to think about who you would like to name as heirs and how you would like your heirs to benefit from your assets. Sentimental pieces may need to go to specific people, you may want to ensure that there is money left to pay for your child’s education or you may want to leave your home to a specific family member.

  • Speak to an estate planning attorney:

Once you have an idea of where you’d like your assets to go, an estate planning attorney will be able to develop a strategy to ensure that these requirements are met as far as possible. This is a complex area of law: there are a lot of legal tools available that will help achieve different results for your estate, from minimizing taxes to setting up trusts and protecting assets. Your attorney will be able to go through each strategy with you to find one that meets your needs and maximizes the benefit of your heirs.

  • Look further:

Estate planning is not simply about creating a Last Will and Testament and planning for your heirs after you pass: it’s about planning for later in your life. Your attorney can assist with long-term planning for your eventual need of health care, to protect your assets or to ensure you meet Medicaid criteria. He can also assist you in terms of a Financial Power of Attorney and Medical Directives to ensure that your wishes are adhered to and that you are cared for properly when you cannot speak for yourself.

Let your estate planning attorney advise you on all your options 

If you would like further guidance on protecting your real estate assets by creating an irrevocable living trust, LLC or a Last Will and Testament, Frank R. Campisano will provide you with the necessary expert legal advice and professional insight.

In addition, he can also assist you with all other aspects of your estate plan, from drawing up medical directives and Power of Attorney documents to Medicaid planning.

For more information on setting up or changing an estate plan, please contact him at the law firm of Sedita, Campisano & Campisano, LLC in New Jersey or visit our website at today.

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