When it comes to planning for the future, many families focus on Wills, Trusts, and passing on wealth to the next generation. But one of the most overlooked aspects of estate planning is long-term care—and how to pay for it. With nursing home costs in the United States averaging $100,000 per year or more, planning ahead isn’t just smart, it’s essential. This is where Medicaid becomes an important piece of the puzzle. Medicaid is a joint federal and state program designed to provide health coverage for low-income individuals. For seniors, it is often the only way to afford the cost of long-term care. But the rules are complicated, and misconceptions are common. Below, we’ll walk through the essentials of Medicaid, why it matters in estate planning, and how you can take steps today to prepare. What Is Medicaid? Medicaid is not the same as Medicare. While Medicare provides health insurance
Continue Reading... →Posts Tagged Medicaid Crisis
In the United States, the median monthly cost of a semi-private room in a nursing home is currently more than $7,500. The cost of a private room exceeds $8,500 per month. Depending on where you live, costs can be considerably higher. In addition, costs rise according to the level of care needed and they are expected to increase dramatically in the future. (Please click to see the current costs for home care, adult day care, assisted living, and nursing home care in your area.) To make matters worse, nearly 70 percent of us over the age of 65 will require long-term care at some point in our lives and 20 percent of us will need long-term care for five years or more. All of this helps explain why so many families exhaust their life savings within a few years of a family member entering a nursing home. And why more
Continue Reading... →