Do you live in Wisconsin and are you nearing your golden years? If so, you may need to start planning for long-term care needs if you have not already. Unfortunately you may not be covered, even if you think you are, if you are depending on your current health insurance. Let us discuss more about planning for long term care in the Badger State.
You may be wondering if Medicare will cover you. Unfortunately, even if you use Medicare for your health insurance because you are over 65, Medicare will not cover much in the way of long-term care, whether in a nursing home or in your own home. Even though Medicare is what most senior citizens use for health insurance, it has an extremely limited nursing home benefit, covering only up to 100 days of care and only in some circumstances. It is not, therefore, a reliable source of coverage if you end up needing real long-term care.
There may be a variety of other resources for seniors. Some rely on family members to help as they get older, whether an adult child or another relative can come to your home regularly or you are able to move in with them. We are, however, living longer these days, and with different generations living in different parts of the country, in-person consistent help from family might not be something you can rely on. This may be particularly true if your children waited to have their own children until they were older than you were when you had them. Your children might be raising little ones at the same time you need the most help.
If this is the case for you, you might be wondering where to turn. An elder law attorney can be a good first step. Consult with an elder law attorney who specializes in Medicaid planning to find out whether you qualify for Medicaid or how you can plan to qualify for Medicaid when the need for long-term care arises. Qualification depends on your income and assets at the time of your application for coverage. The sooner you meet with a Medicaid attorney, the better the attorney may be able to help you plan for the future. If you are able to qualify for coverage, Medicaid will cover all nursing home costs you may need in the future.
Our office can guide a family through their estate planning and long-term care planning options. Please contact our office today to schedule a meeting with attorney Alan Hougum.