Lets consider Medicaid as an option:
It’s one thing to be proud, patriotic and all gong ho, but one also needs to be wise and consider the downfall if not utilizing the Medicaid program.
Lets explore the following example:
Elderly person worked most of his/her life, was able to save a few dollars, invested in tax deferred IRA’s, receives a modest social security benefit and has a small pension.
Spouse has passed away and now he/she requires assistance with some or most of their activities of daily living (ADLs).
This elderly yet proud individual has two options:
1) use up the life savings; slowly deplete the IRA’s; and if need be use up all of the income as well for the services. After all, private certified home-care services can cost anywhere between $22.50 to $25.00 per hour. Suppose the person requires 12 hours per day, we are looking at and expense of approximately $9,000 per month. How long can that person stay proud is the question? And what would happen once they have deplete all of the assets?
2) apply for Medicaid home-care services.
The applicant can protect All of the assets including IRA’s and all of their income.
The question is? Should the applicant be proud and use up all of their resources or be wise and protect their resources in case they need something that Medicaid does not provide for.
Medicaid applicants should be proud that they have created the program with their tax dollars. Why not use the services that have been created by them for them.
For a FREE consultation call Elder Care Services, Inc., and we will show you how to save the assets and still be eligible.