When you enter your senior years, you may anticipate a peaceful and carefree existence. Most elders residing in Carmel, Indiana, do not expect an illness or other incapacitating event to occur, especially those that take steps to remain fit.
Unfortunately, life sometimes has a different plan for a person’s golden years, and you might find yourself in need of long-term care. Contrary to popular belief, government programs like Medicare and Medicaid do not help as much as you may have thought.
Long-term care facts for senior citizens
If you have chosen not to engage in long-term care planning, the facts below might change your mind:
- Most U.S. residents do not have enough savings to pay for long-term care.
- About 70% of people 65 or older will need long-term care at some point in life.
- Most health insurance policies provide little long-term care coverage.
- Relying on your family to care for you can put their physical, mental and emotional health at risk.
- You may not need to live in a nursing home even though you require long-term care.
- Medicaid only pays for long-term care if you have no assets and little to no income.
- Medicare does not cover custodial services or personal care—two predominant elements of long-term care.
Fortunately, it is never too late to begin considering how you will get by when you can no longer care for yourself without assistance. A great first step is to learn more about your legal options. Increase your elder law knowledge and find out what can be done to meet your needs and goals.