As individuals age, focus should be placed on the financial-related needs of those individuals and their families so end-of-life issues do not erase lifetime savings.
Aging without a proper, up-to-date plan often results in crisis. Our aim in serving seniors is to preserve your assets from being lost to the costs of long-term care, and provide peace of mind concerning the issues you face in your senior years.
The Long-Term Care Dilemma
One of the most pressing Elder Law issues is the impact of long-term nursing home care which usually is not covered by traditional health insurance. Nursing home care can cost from $75,000 to $150,000 a year. The average stay is slightly more than three years. Most people end up paying for nursing home care until their personal assets are depleted. Careful planning, however, can help protect assets for the individual’s spouse, children, or other heirs.
Medicare and Medicaid
People are frequently confused over the differences between Medicare and Medicaid. Though their names are very similar, the programs are quite different. Medicare is a federal program that provides health insurance to Americans age 65 and older. Medicaid is a joint federal-state program that, unlike Medicare, covers the cost of Nursing home care. Each state has discretion in how the program is managed.
Healthcare Advance Directives
An advance directive document specifies the type of medical care you would want should you lose the ability to make and communicate your own decisions. Your advance directive can specify who will make and communicate decisions for you, and it can set out the circumstances under which you would, or would not, like your life to be prolonged. Advance directives should be supplemented by a document authorizing your medical providers to allow specified individuals to access your medical information.