Aging in place involves someone remaining in their home for as long as possible, possibly including through their time in hospice and palliative care at the end of their life. People often make major changes to their finances and homes so that aging in place is possible.
Moving bedrooms to the first floor, replacing circular door knobs with handles and replacing a bathtub with a walk-in shower are all examples of ways that people make their homes safer for their golden years. Unfortunately, many older adults hoping to stay in their homes throughout their retirement years overlook one crucial factor that could make all the difference.
They don’t think critically about Medicaid
Everybody recognizes that nursing home care is incredibly expensive. Even those who have saved quite a bit for retirement may need help covering residential care costs that amount to thousands of dollars a month even for shared rooms.
People know that Medicaid might become necessary when someone moves into a nursing home, so they plan ahead to preserve their assets and make qualifying for benefits easier should the need arise. Those anticipating aging in place may not take the same steps, but that is a major oversight.
Those who successfully age in place often still require skilled nursing support in their homes later in life. That in-home support can cost around $5,000 a month, sometimes even more. Medicare will typically not cover nursing services at someone’s home, just like they don’t cover the cost of residential care in a nursing home facility.
Medicaid planning offers numerous benefits
Taking the time to review financial resources and prepare to qualify for Medicaid later in life is a very smart decision for those facing retirement soon. Medicaid planning means that people will get benefits quickly when they need them later in life. The steps people take to prepare to qualify can also help protect their assets from creditor actions later in life and estate claims after they die.
Even those who anticipate good health and who do not have a family history of conditions like Alzheimer’s disease often benefit from Medicaid planning, as no one knows what kind of health issues or accidents they may experience as they age. Protecting one’s assets and preparing for future medical needs through Medicaid planning is often a responsible decision for adults nearing retirement age.