Photo by Martha Dominguez for Unsplash
by Maryalene LaPonsie
“Many older Americans will need help as they age. Among those reaching age 65 in 2017, almost 70 percent will need some form of long term care in the future, according to the U.S. Department of Health and Human Services. While most Americans expect long term care to cost $25,350, the actual price tag is more like $47,000, according to a survey by the Moll Law Group. And on average, those who need care will require three years of it…but how will they pay for their care?
“If you have children, they may be able to pitch in and help. The alternative, Medicaid, will pick up the tab only after all savings have been exhausted; applicants must be destitute. While there are ways to shield assets from Medicaid, government “look back” periods have made that harder to do. It’s important to check with an experienced attorney for more information on possible strategies that will protect assets and let you qualify for Medicaid.
“Many people mistakenly think Medicare can help.”
Read this article in its entirety at SeniorPlanet; click here.