It’s a cold, hard fact. Many people in the United States need long-term care at some point in their lives. It’s also true that this care is expensive.
How many people really need long-term care?
As our population ages, the number of people in need of skilled nursing care will skyrocket. Today, roughly 70% of people who are age 65 will need some form of long-term care in their lifetimes.
Also, age is not the only reason people need long-term care. About 8% of people age 40-50 year age group need long-term care due to a disability. And 69% of people age 90 and up are likely to suffer from one or more disabilities.
Long-term care is expensive. How do people pay for it?
There are basically three ways to pay for this type of care:
- Self-pay, which may use up all your savings and resources.
- Long-term care insurance, which can be difficult to get as you get older.
- Public benefit programs like Medicaid.
So, it’s important that you be able to qualify for Medicaid.
That requires planning.
And Medicaid planning should take place years before you need care.
If I won’t need long-term care until I’m 65 or older, why plan now?
Medicaid programs pay more long-term care expenses than any other group. This means it’s critical that you be able to qualify for Medicaid. The whole application process is complicated and frustrating. Not everyone qualifies for Medicaid, leaving their families struggling to find other ways to pay.
The reason to start planning now is because Medicaid doesn’t just look at your current financial picture when considering your application. They actually look at financial records starting from 60 months prior to the application date. During that time, you may have transferred money or property to family as an early inheritance or just a gift. That kind gesture could reduce or eliminate your eligibility for Medicaid.
The Good News.
There are ways to prepare for Medicaid, well in advance of the time you need it. It’s complicated, but we can help.
The attorneys at Adams & Miller, P.C. assist clients just like you apply for Medicaid benefits. We also help with Medicaid planning and estate planning. For a free consultation with an experienced Alabama attorney, contact us at 256-251-2137 or use our convenient Contact Form.
We have offices in Anniston and Birmingham and serve clients in Gadsden, Hoover, Talladega, Vestavia Hills, and surrounding areas.