How Many Seniors Rely on Medicaid?
Medicaid planning is one of the most important things that you should do if you want to protect your financial security and if you want to protect your ability to leave a legacy for your loved ones. If you do not make a Medicaid plan, all that you have worked to build over your lifetime could be quickly lost just because you can no longer live independently and you must move to a nursing home or because you must get long term care at home.
Zimmer Law Firm can provide assistance with making a Medicaid plan that is appropriate for your situation and that helps to provide protection for your assets. To find out more about how we can assist with the planning process and to learn more about why making a plan is so important, give us a call today. A quick look at the sheer number of seniors who end up reliant on Medicaid can also help you to understand why making a plan is so important— there is a good chance you will need Medicaid as you get older and a lot is at stake if you cannot qualify for coverage when you need it.
How Many Seniors Rely on Medicaid?
Making a Medicaid plan is important because seniors from all income groups end up reliant upon Medicaid. As the Motley Fool explains, Medicaid provided coverage in 2015 to around 97 million people total at some point during the course of the year. Of those who were receiving Medicaid benefits, approximately six million were senior citizens who were at least 65 years of age.
Why are there millions of seniors on Medicaid – especially when seniors get coverage through Medicare? There are a few reasons. Medicare can still have high premiums and co-insurance costs that must be paid, and coverage through Medicare is not as comprehensive as many seniors believe it is. An even bigger reason, though: Medicaid will cover routine care in a nursing home and long-term care at home when a senior needs it, but Medicare won’t.
Medicare only pays for a brief stay in a care facility if a senior requires skilled nursing care. For basic routine care and for ongoing or extended care that is necessary simply because someone is old or sick, Medicare will not pay anything at all. Medicare Advantage plans and most private insurers also won’t pay anything for basic routine care in a nursing home or provided by a long term care aide in a private home.
Since Medicare and other kinds of insurance don’t pay for the care that so many seniors need, seniors end up turning to Medicaid. As many as 70 percent of Americans who are 65 or older are going to need up needing nursing home care or some kind of long term care services before the end of their life. Around 80% of the people who end up needing long term care will stay in their homes and bring in outside help, which is costly. Around 18 percent move into an institution like a nursing home when they need care. Costs for a semi-private room in a nursing home total more than $82,000 based on nationwide averages, while costs for a home health aide reach almost $50,000.
You probably cannot afford these costs for care if you are a senior who is living on a fixed income, and even if you have savings, you likely won’t be able to afford the costs for long. You may have to pay privately for care until your wealth runs out if you have more assets than you’re allowed to own while still qualifying for Medicaid coverage. You can avoid being forced to spend down your wealth through the Medicaid planning process, especially if you take action early long before you actually need care.
Getting Help from A Medicaid Planning Attorney
A Medicaid planning attorney at Zimmer Law Firm can offer personalized one-on-one advice on the Medicaid planning process so you can keep your wealth safe and secure while getting the care that you need.
With millions of seniors reliant upon Medicaid, and with such a substantial chance that you could someday require long term care, you cannot afford to take a chance on waiting to make your Medicaid plan. You should act today to ensure you will be able to take advantage of Medicaid coverage if something happens that requires you to have costly care.
To learn more about the Medicaid planning process, join us for a free seminar. You can also give us a call at 513.721.1513 to get personalized help with your plans.