Protect your Sanibel Estate and Pay for your Long-Term Health Care
Long-term health care may be required if you are unable to perform daily tasks necessary to maintain your general well-being for an extended, if not permanent, period of time. Ensuring your Sanibel estate provides enough reserve finances to cover long-term health needs may require an estate plan developed by a knowledgeable estate planning attorney.
Long-term health care is not restricted to aged individuals or people with chronically debilitating conditions. Many adults under 60 must rely on their estate to pay for nursing homes. Although home health care is usually more affordable than nursing home care, it is still quite expensive. The U.S. Department of Health and Human Services reports the average cost of hiring a home health aide is $20 an hour.
Medicare and Medicaid
While Medicare can provide some coverage for long-term health care, in most cases you must be 65 or older to receive Medicare and it only pays for 100 days of assistance following hospitalization. After three months, you are expected to pay for your long-term health care costs.
To be eligible for Medicaid, individuals must show incomes of less than $25,000 and have minimal resources. Because Medicaid is meant to provide health insurance for those who are economically disadvantaged, there are numerous restrictions regarding how you can use Medicaid. For example, you can only receive care from facilities accepting Medicaid. This may force someone to reluctantly relocate from a place in which they have lived all their life.
Learn More About Estate Planning in Sanibel
Our estate planning attorneys at William Mattar offer experience and in-depth knowledge regarding proper estate planning to avoid future financial burdens. Avoid the stress of relying on Medicaid, Medicare or other undependable health insurance for paying your long-term health care expenses. Schedule an appointment today to begin preparing for the future by creating a viable estate plan designed to support you and your family during times of financial need.