The fact is that you will probably need long-term care eventually after the age of 65. Given this reality, going forward without making any preparations for this contingency could be viewed as irresponsible.
Why worry about long-term care costs when you will be eligible to enroll in the Medicare program as a senior citizen? The answer is quite simple: Medicare will not pay for a long-term stay in an assisted living facility.
You may not be aware of just how expensive long-term care has become in the United States these days. According to the MetLife Mature Market Institute 2012 survey the average annual expense for a private room in a nursing home in the United States is $90,520.
And these costs have been steadily rising over the last several years.
What is the solution? Most senior citizens who are residing in nursing homes have qualified for Medicaid coverage. This is a government program that will pay for long-term care if you can meet the eligibility requirements.
If you are interested in finding out about Medicaid and how you may be able to qualify as an elder who needs living assistance we have a valuable resource for you. Our firm has prepared an informational report that will fill you in on Medicaid planning and why it is so important for many individuals.
To download your version of the report simply click this link and follow the instructions so that we can send you access:
Author, President and Founding Attorney
Parman & Easterday
Parman & Easterday are members of the American Academy of Estate Planning Attorneys.