An elder law attorney is a lawyer who focuses on issues that are relevant to senior citizens. At the present time, this is a very busy field, because the population is aging rapidly.
There are about 10,000 people applying for Social Security coverage each and every day, because the baby boomer generation is reaching retirement age. As a result, there are thousands of people looking for answers to elder law questions.
Long-Term Care Expenses
There are various different elder law issues that attorneys address, but long-term care is at the top of the list.
Most people are relatively confident about future medical expenses, because they expect to qualify for Medicare coverage. You qualify for Medicare if you accumulate 40 retirement credits while you are working and paying taxes. You can accrue up to four credits per year, so you will qualify if you work for 10 years.
Without question, Medicare will be of assistance if you qualify. However, there is a very big gap that you should be well aware of when you are looking ahead toward your retirement years.
The Medicare program will not pay for long-term custodial care. This is the type of care that you would receive in a nursing home or assisted living community.
According to the United States Department of Health and Human Services, seven out of every 10 people who are turning 65 will eventually need long-term care. This is an eye-opening statistic.
Paying for long-term care out-of-pocket is an option, but you better have deep pockets if you want to go that route.
We practice law in the state of Pennsylvania. According to the state, the average monthly charge for a stay in a nursing home is $8,766.39 at the present time. If you multiply this number by the 12 months that we have in a year, you are looking at a figure that exceeds $105,000.
The average length of stay is over two years, and 10 percent of nursing home residents remain in the facilities for at least five years.
Elder law attorneys help clients who are concerned about long-term care costs. Though Medicare will not pay for long-term care, Medicaid is a government health insurance program that will pay for custodial care.
However, Medicaid is a need-based program. To qualify, you must be able to demonstrate significant financial need.
Many people give assets to their loved ones so they can qualify for Medicaid.
It can be challenging to obtain eligibility at the ideal time, because there is a five-year look-back. Your eligibility is delayed if Medicaid evaluators find that you have given away assets within five years of applying.
Elder law attorneys have a great deal of experience with Medicaid planning, and they help clients who want to obtain eligibility without losing a great deal in the process.
Schedule a Free Consultation
If you would like to discuss elder law matters with a licensed attorney, contact us through this link to request a free consultation: Southampton PA Elder Law Attorney.
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