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:
- Less money coming in, due to retirement, and
- 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 http://www.scclegal.com/ today.