Overland Park Medicaid attorneys at Parman & Easterday can provide you with assistance in making certain you are able to afford all your healthcare costs as you get older. Many people have misconceptions about Medicare coverage and believe Medicare will be sufficient to provide for their healthcare needs during their golden years. Unfortunately, this is often not the case.
If you have not made plans to cover care costs that Medicare won’t pay, you could find yourself in a dire situation in which you must spend your assets and put your legacy at risk.
You don’t want to lose everything you have worked so hard to acquire over your lifetime. Please reach out to Overland Park Medicaid attorneys at Parman & Easterday to find out how our firm can help you keep your wealth safe and secure. Give us a call today to find out more about the personalized Medicaid planning we offer or read on to learn about some key costs Medicare won’t cover.
Medicare Won’t Cover All Your Costs As A Senior
According to the Employee Benefits Research Institute, a senior couple in the 90th percentile for their prescription drug use will need to have $370,000 saved to cover the costs of healthcare services during their retirement years.
This calculation assumes seniors buy optional supplementary medical coverage and it considers both premiums for coverage, as well as coinsurance expenditures and care that Medicare won’t cover.
Most seniors do not have $370,000 saved for their medical care, or even anywhere close to this amount. Seniors could end up spending their nest egg too soon if forced to make withdrawals from their retirement funds to pay for expensive medical care.
The Employee Benefits Research Institute did not include the costs of long-term care or nursing home care in an institutional setting when determining how much money seniors would need to pay for care costs during retirement. Moving to a nursing home or having a long-term care aid come to your home can be extremely costly, and it’s not typically covered by Medicare, by supplementary Medicare policies, or by most private health insurance.
You need to have a plan for covering the costs of medical care and ensuring you can get your nursing home care paid for if you need it. Working with Overland Park Medicaid attorneys can be helpful because your plans will often center on qualifying for Medicaid coverage.
Medicaid pays for nursing home care for qualifying seniors, and also offers other assistance with healthcare as you get older. However, this is a means-tested benefits program and many seniors have life savings and acquired wealth that keeps them from qualifying for Medicaid. Overland Park Medicaid attorneys can work with you to ensure you will qualify for coverage if and when you need it, without first having to spend everything you have acquired over your lifetime.
Getting Help From Overland Park Medicaid Attorneys
Overland Park Medicaid attorneys at Parman & Easterday provide personalized help with all your Medicaid planning needs. We work with you to ensure you are able to access Medicaid when you need it and protect your assets and your legacy to your loved ones.
To find out more about the help we provide with the Medicaid planning process, join us for a free seminar. You can also call today at (405) 843-6100 or contact us online to get personalized advice specific to your situation. Call today to get your Medicaid plans in place so you’ll have the peace of mind of knowing you’re prepared should unforeseen health issues arise.