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Most Common Misconception About Medicare, Retirement and Asset Protection

Medicare and asset protection

In my practice as an Asset Protection Attorney, I work with many people of various ages at various stages of preparing for retirement.

Exploring Medicare – how it works and what is covered – common misconceptions surface. These misconceptions put people at a disadvantage in terms of their asset protection, if not cleared up. To that end, I hope the following helps as a jumping off point to clarity in one very important area.

There is one most common misconception I encounter, no matter what age group I’m in a conversation with regarding retirement plans. It’s that most people believe that Medicare or other regular health insurance will cover the cost of long term care, either at home or in a nursing home.

Nothing could be further from the truth.

A well thought-out retirement plan includes long-term care considerations. Such a retirement plan should also be clear and easy to understand.

Should long-term care become necessary, this plan becomes the foundation of the steps that must be taken.

Most people are not aware that the most that Medicare will pay for in a nursing home is 20 days in full and up to 80 days in part for a total of 100 days. But that is provided only if the nursing home stay is immediately preceded by at least a three-day hospital stay. Furthermore, the nursing home must be a skilled nursing home and not just custodial.

Want someone to provide custodial care on a daily basis for yourself or your loved one? Then, you cannot depend on Medicare to cover it.

Long-term care insurance is the only source of payment for custodial care services, outside of Medicaid.

One must have little or no resources and/income for Medicaid coverage. If you have any assets, those will be the source of payment if you do not have long-term care coverage.

It is impossible to predict the need for long-term care.  However it should be a part of every retirement and asset protection plan.

The sooner you begin discussing these plans with a qualified financial planner or Asset Protection Attorney, the more confident you will feel in the face of any aging related health issue.

   

Looking to find an experienced estate lawyer in the Georgia area who is skilled in asset protection and estate plan preparation? Shannon Pawley is an attorney in Georgia with expertise in estate planning and asset protection. Shannon can provide assistance with creating an estate plan to include making a will and how to establish a trust properly. If you have questions about asset protection or questions about making an estate plan, reach out to Shannon and she will be glad to help answer all the estate planning questions you might have!

 
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