Worcester Medicaid planning attorneys provide assistance to seniors in making certain they can afford the costs of essential medical care. As you get older, you may expect that Medicare will cover you for most of the types of medical services that you need. Unfortunately, this is not necessarily the case. While Medicare does cover seniors throughout the United States, there are high co-insurance costs and Medicare doesn’t cover everything.
Many seniors are surprised to discover that some of the vital care services they require during their senior years are not actually covered by Medicare. This can leave older retirees in a difficult position if they haven’t saved enough to pay for the costs of care.
A new report shows just how much seniors would need to save to pay out-of-pocket for care, and the recommended savings amount is way beyond what most people can actually afford to put aside for their medical needs.
If you don’t want to struggle with paying for certain essential care needs during your golden years, you may want to consider making a plan to qualify for Medicaid when your care costs become too high to pay. The Law Offices of James A. Miller, P.C. can help you to understand what types of Medicaid programs are available for seniors in Massachusetts, what the qualifying requirements are for getting Medicaid, and what you would need to do in order to get covered. Give us a call today to find out more.
How Much do Seniors Need to Save for Medical Care?
According to research from the Employee Benefit Research Institute, senior couples will need around $350,000 saved up just to cover medical care costs if they are in the 90th percentile for prescription drug use. Even saving this much will only give senior couples a 90 percent chance of being able to pay for all of their medical care needs. This amount was calculated based on an assumption that seniors would have, and pay premiums for, a Medicare Advantage plan to provide coverage broader than the coverage just having Medicare offers.
Seniors who need to go into a nursing home will also need to factor in the costs of long-term care expenditures, which the Genworth Cost of Care Survey for Massachusetts indicates could be $128,845 per year based on the median annual rate statewide. Medicare will not pay anything for nursing home costs for custodial care, and only covers your nursing home fees if you require skilled medical services such as a stay in a nursing home after surgery.
Can Medicaid Help You To Pay for Care as a Senior?
If you cannot afford the high costs of medical care as a senior, which most people will be unable to pay for – especially if they need nursing home care – you should explore the possibility of qualifying for Medicaid. There are different types of Medicaid programs in Massachusetts, so it is important to know what you might be eligible for and what Medicaid will actually pay for.
For most seniors, the biggest benefit to qualifying for Medicaid is that you should be able to get long-term care costs covered even when you only need routine custodial care, which Medicare and other insurers won’t pay for. Medicaid can also help seniors to cover Medicare programs and co-insurance costs, as well as certain other services not otherwise covered.
However, in order to take advantage of any of these different services, you’d need to be able to actually qualify for coverage. This means that you’d need to meet income and asset limits. If you are older and not working, you might not exceed the maximum allowable income to qualify for benefits but you may have too many assets after working your whole life to acquire property.
If you don’t want to spend down those assets because you want to leave a legacy for your loved ones, you should make a Medicaid plan to protect your wealth and qualify for coverage when you need it. You’ll need to make plans long before the time you actually require care if you want to protect the maximum value of your assets.
Getting Help from Worcester Medicaid Planning Attorneys
Worcester Medicaid planning attorneys at The Law Offices of James A. Miller, P.C. can provide you with assistance in making a Medicaid plan so you can get covered when you require assistance paying for a nursing home or other care costs. To find out more, join us for a free seminar. You can also give us a call at 866-370-3888 or contact us online to get personalized advice.
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