Rochester Medicaid lawyers assist seniors in taking steps to make certain they can obtain healthcare services they need. Many older people have a mistaken belief that Medicare will cover all of the care that they require throughout the course of their retirement. Unfortunately, this is simply not true. Medicare has coverage exclusions for important services seniors may require. It also has co-insurance costs and premiums that can sometimes be difficult for retirees on a tight budget to afford.
New research that reveals how much seniors need to save for healthcare can shed light on some of the shortcomings of Medicare and on the reasons why seniors cannot count on Medicare alone to keep them from having to spend their life savings on medical care.
For seniors who want to take steps to protect their wealth, one of the best options is to make certain that they are able to qualify for Medicaid when they need care that they cannot afford or that Medicare won’t pay for. Medicaid is a means-tested program, so seniors with too many assets and financial resources could potentially be disqualified from being able to get Medicaid coverage when they need it, unless they plan ahead.
The Law Office of Michael Robinson, P.C. can assist with obtaining Medicaid while protecting wealth by working with you on a Medicaid asset protection plan. Give us a call today to talk with Rochester Medicaid lawyers to learn more about why you may need Medicaid and how to find out how you can qualify for Medicaid without losing your nest egg and your chance to leave a legacy.
How Much do Seniors Need to Save for Healthcare?
The Employee Benefit Research Institute recently released a report estimating how much seniors would need to save in order to have a reasonable chance of being able to afford medical care during their retirement. The report calculated necessary savings based on the senior paying premiums for a supplemental insurance plan and calculated necessary expenditures based on different levels of prescription drug use.
According to the research, a senior couple who had prescription drug use in the 90th percentile would need to save around $350,000 in order to have a 90 percent chance of being able to cover healthcare costs. And that is just referring to savings to pay for healthcare, not to total savings necessary to live without money worries during retirement.
Obviously, not everyone will be in the 90th percentile when it comes to prescription drug use. However, the required amount of savings was still very high even for people who use less prescription medication. For example, a man who had median prescription drug expenses during retirement would have to save $72,000 to have a 50 percent chance of being able to cover his healthcare costs or $127,000 to have a 90 percent chance of being able to pay for essential care. A woman with median prescription expenditures would have to save $93,000 or $143,000 respectively to have a 50 percent or 90 percent chance of being able to cover healthcare costs.
In addition to this substantial spending on health services, seniors may also need to pay hundreds of thousands of dollars a year if they end up needing long term care to be provided in a nursing home or to be provided by home health care aides. Medicare provides no coverage for nursing home or long term care costs except under limited circumstances, such as when medical care (rather than custodial care) is needed in a skilled nursing facility.
Because many seniors could not afford all of these costs, qualifying for Medicaid as a senior with costly health problems can often be your best option.
Getting Help from Rochester Medicaid Lawyers
Rochester Medicaid lawyers at The Law Office of Michael Robinson, P.C. can offer you the guidance and advice you need to make informed choices on covering healthcare costs during retirement. Our firm can assist you with protecting as many of your assets as possible if you incur costly health expenses by helping you to qualify for Medicaid coverage.
To find out more about the ways in which our legal team can assist you with all aspects of planning for wealth protection and covering health costs during retirement, join us for a free seminar. You can also give us a call at 585-374-5210 or contact us online to get personalized advice with you Medicaid planning process.
Latest posts by Michael Robinson, Estate Planning Attorney (see all)
- Medicaid Planning and the Rights of the Healthy Spouse - December 12, 2018
- The Anatomy of an Estate Plan - December 5, 2018
- Is an Inherited IRA Taxable to the Beneficiary? - November 29, 2018