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Why Medicaid? Medicare Won’t Be Enough

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Medicare doesn’t cover long-term care and does not apply until you’re 65

In 2014, the U.S. population had 46 million people age 65 and over, which was approximately 15 percent of the population. In 2011, “Baby Boomers” born between 1946 and 1964 started to turn 65. With the Boomers, the older adult population will reach 74 million by 2030, representing 21 percent of the total population.

You can’t count on Medicare until age 65. When you get there, don’t count on Medicare to be what it is today. With the aging population, the increasing load on Medicare, and the high cost of healthcare, you must seek out other options for public assistance to pay medical bills. At Stockton & Stern LLC, our Kansas elder law attorneys understand your concerns and are compassionate in guiding you We help you fulfill your healthcare and long-term care needs, protect your income and assets and secure your family’s financial future.

Medicare does not cover long-term care

Long-term care, also known as “long-term services and supports,” is not covered by Medicare. The federal program excludes the costs of care you receive at home, in assisted living, or in a nursing home. Long-term care includes:

· Non-medical care for people suffering from chronic illness or disability

· Non-skilled personal care assistance (custodial care) for daily activities, such as:

  • Bathing
  • Dressing
  • Toileting

With the aging population, individuals and families will risk financial hardship if they pay out-of-pocket for the long-term care of older adults in their families. Nursing homes costs can range from $5,000 to $8,000 per month and reach $100,000 per year with related expenses. It’s important to start planning for long-term care before you need it.

Medicare does not apply until you’re age 65

For many older adults who are not disabled, Medicare does not apply until they are 65 years old. Until then, you may need public assistance to pay medical bills, beyond what health insurance covers, for an unexpected accident or catastrophic illness. Medicaid helps parents and caretakers pay healthcare costs at any age. However, the application process may find you ineligible if your income is too high are you have assets that can be used to pay healthcare. Speak with an elder law attorney or a Medicaid planner to help you pare down income in special needs trusts and convert assets that count against your application.

How can special needs trust help with long-term health costs

Trusts hold and protect assets. Special needs trusts, such as pooled trusts, self-settled trusts, and third-party trusts can hold income more than the limit allowed by Medicaid. A lower income can help you qualify for Medicaid, while the trust can be used to meet supplemental health or other needs.

Kansas Elder law attorneys help you and your family plan for healthcare and other long-term financial needs

The elder law attorneys at Stockton & Kandt, LLC are skilled in Medicaid applications and benefits to help you and your family defray the high cost of health care and long-term care not covered by Medicare. Call (913) 856-2828 or contact us online to discuss how to maintain independence and dignity and secure your family’s financial future.

Glenn Stockton
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