If you can’t afford long-term care, you should be prepared to qualify for Medicaid as quickly as possible. But this kind of advanced planning is often overlooked and could be catastrophic depending on your individual situation.

The cost of long term care has many different implications for those approaching retirement age. People who have spent their entire life saving for their retirement and hoping to tap into pension funds and government benefits can be shocked to realize the rising and significantly expensive costs of long term care.

For these individuals, the support of an experienced estate planning attorney is necessary. An estate planning attorney should also have plenty of background working in the area of elder law, such as advising you about advanced Medicaid planning tools you can use.

More senior citizens are filing for bankruptcy with the rising costs of long term care being one of the leading factors. Since 1991 the rate at which seniors have filed for bankruptcy has more than doubled, and the percentage of elders in the bankruptcy system overall has almost quintupled.

This data was pulled from research completed by the consumer bankruptcy project, indicating that seniors show they are struggling with the unmanageable costs of health care and inadequate income to help afford a lifestyle in retirement and pay for their health care concerns.

More seniors are less likely to pay their own bills, meaning that they will have to turn to Medicaid and plan appropriately with the help of a knowledgeable estate planning and elder law planning attorney. A decrease in retirement benefits across the country is one of the leading reasons why elderly bankruptcy is rising, as fewer people have access to pension funds and reliable sources of income and support in their retirement years.

Just one health care event as an individual or as a spouse in a married couple could be catastrophic to the family finances and can present significant estate planning challenges. Scheduling a consultation with a knowledgeable lawyer today is extremely beneficial for your future. You need to know what to look for in terms of advanced long-term care planning and other elder law issues- our lawyers are here to help.

Comments are closed.