When you are looking ahead toward the future as a mature adult, you are naturally going to start to think about your active retirement years. If you plan ahead effectively from a financial standpoint, you should have the resources that you need to cross things off your bucket list, enjoy leisure activities, and spend quality time with your family.
This is one stage of life, but you should also prepare for the twilight years that will follow. Elder care can enter the picture, and you should understand the lay of the land so that you do not encounter any unexpected surprises.
Let’s look at some things that you should know about elder care.
You will probably need it.
If you have taken care of yourself throughout your life, and you expect to retire in good health, elder care can seem like something that is a remote possibility. In reality, seven out of every ten seniors will someday need living assistance.
The health angle does not necessarily support the idea that you will probably be among the 30 percent. When you think about it, if you are healthy, you will probably live a long life. The oldest old are the people who typically require long-term care.
Medicare will not pay for it.
Some people are not concerned about long-term care costs because they assume that Medicare will pay for living assistance. In fact, Medicare will not pay for elder care, because it is considered to be custodial care.
Nursing homes are very expensive.
It is not easy to pay for long-term care out-of-pocket. The average annual charge for a room in a nursing home in the state of California is around $100,000, and many people spend multiple years receiving elder care.
Medi-Cal can provide a solution.
Medi-Cal is California’s version of the Medicaid program. This is a jointly administered federal/state government health insurance program. Medicaid/Medi-Cal will pay for long-term care if you can qualify.
Though Medi-Cal is a widely embraced solution among California seniors, it takes careful planning to obtain eligibility because it is a need-based program. There are asset and income limits, so you have to understand the program rules if you want to keep your assets in the family as you aim toward eligibility.
Geriatric care managers can help.
Geriatric care managers are elder care professionals who assist people who are concerned about long-term care expenses and other quality-of-life issues. If you have questions, you can get answers if you discuss things with a qualified geriatric care manager.
We can help if you would like to take action. Our geriatric care managers are highly experienced professionals who can answer all of your questions and help you devise a plan if you would like to move forward.
To set up a free consultation, contact us through this page: San Jose CA Geriatric Care Managers.
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