You should certainly make preparations for the latter stages of your life. There are various contingencies that you may face, and you want to be in a position to address them. To gain an understanding of exactly how to proceed, you would do well to consult with an elder law attorney in Hartford CT.
Elder Law Attorneys
Elder law attorneys provide counsel to individuals who are concerned about matters that are of particular interest to senior citizens.
What questions should you ask an elder law attorney in Hartford CT? The first subject on your list should be long-term care expenses.
It would be natural to assume that Medicare is going to take care of all of your health care needs once you reach the age of eligibility. Under currently existing laws, you become eligible for Medicare when you reach the age of 65 if you have accumulated at least 40 retirement credits. You accrue these credits as you are working and paying taxes.
Medicare will certainly be of assistance, but long-term care is considered to be custodial care, not medical care. As a result, Medicare will not pay for a stay in an assisted living community or nursing home. It won’t pay for in-home care either unless it is medical in nature and of a limited duration.
Paying for long-term care out-of-pocket is certainly an option. The problem with this is that it is very expensive. According to the MetLife Mature Market Institute, in 2012 the average charge for a year in a private room in a nursing home in the United States exceeded $90,000. The average length of stay is over two years, but some people stay longer.
What is the solution? For a very significant percentage of Americans, the solution is Medicaid. Medicaid will pay for long-term care if you can qualify. However, it is a need-based program. Therefore, there are upper resource limits for both the person in need of long-term care and his or her spouse.
If you discuss the matter in detail with an elder law attorney in Hartford CT, you will find that there are steps that you can take to qualify for Medicaid while retaining a maximum store of assets.
Other Elder Law Questions
The matter of long-term care is probably the most important elder law issue of our day. However, other subjects that you may want to broach with an elder law attorney would include incapacity planning and the prevention of elder abuse, both physical and financial.
Elder Law Consultation
In this post we have highlighted a few of the topics that you may want to cover when you speak with an elder law attorney. If you are ready to set up an appointment, simply take a moment to contact our firm.
Nirenstein, Horowitz & Associates, P.C. is a member of the American Academy of Estate Planning Attorneys.