There are certain benefits that are going to be very important to most people who are planning for retirement. Social Security and Medicare will usually be at the top of that list, and these programs will provide at least a basic safety net if you have paid into them sufficiently.
However, one thing to keep in mind is the fact that Medicare does not cover everything. There are out-of-pocket costs for routine medical services that you have to budget for in advance. And, Medicare does not pay for long-term care.
Medicaid will pay for long-term care but your countable assets would have to be less than $2000. Given this limit eligibility may seem out of reach, but in fact Medicaid is footing the bill for around half of the people who are residing in nursing homes.
With careful advance planning you can in fact retain a significant store of assets while still qualifying for Medicaid, largely because of the fact that some of your most valuable assets are not considered to be countable.
If you are a veteran you may have additional benefits to tap into, such as the Veterans Aid & Attendance special pension. This benefit is available to eligible veterans who need assistance with their day-to-day needs but it too has an upper resource limit which is set at $80,000 at the present time.
Optimizing your available resources while taking advantage of all the benefits that may be available to you takes careful advance planning. To discuss all of the intricacies with an expert, take action right now to set up a consultation with a licensed and experienced Central New Jersey elder law attorney.
- Effective Planning for Single Seniors - October 1, 2023
- Your Guide to Navigating the Labyrinth of Trusts - September 28, 2023
- Paving the Way For the Future: An Estate Planning Guide for Millennials - September 24, 2023