Long Island Medicaid planning lawyers provide help to clients in making sure they do not spend their entire life savings because they get sick as a senior. Our legal team works to help you plan ahead to save enough money to live comfortably during your golden years, and we also provide you with advice on how to get your healthcare expenditures covered as you get older.
While many people believe they will not have to worry about covering care costs once they qualify for Medicare, this is simply not accurate. Medicare, unfortunately, provides less generous coverage and has higher co-insurance costs than most people are able to comfortably pay- especially if they develop any serious or chronic health issues as they age. If Medicare does not pay enough of a senior’s bills for essential healthcare, the senior may need to have a big nest egg to cover care costs or will need to try to qualify for Medicaid coverage as soon as possible.
Mark S. Eghrari & Associates PLLC helps those who are trying to get their costs paid for to plan ahead to get Medicaid when they need care. Medicaid is the only type of insurance that covers certain costly and essential services that seniors may end up needing, so it is very important to talk with Long Island Medicaid planning lawyers both to find out if you might some day need Medicaid and to help protecting your assets if and when that day arrives.
How Much Will Seniors Need to Pay for Medical Care Costs?
According to a new report from Employee Benefit Research Institute, seniors will need substantial amounts of money to pay for care costs for serious illnesses, even if they are covered by Medicare. EBRI found that a senior couple who is in the 90th percentile for prescription drug use would need to save $349,000 to have a 90 percent chance of actually having enough money to pay for their medical care.
While you may not be in the 90th percentile for prescription drug use, even those with lower prescription use projections must have six-figure savings accounts just to pay for healthcare costs. And his does not even factor in the costs of long term care, which could become necessary and which most insurers do not pay for. Long-term care expenditures could cost more than $100,000 a year alone.
How Can Long Island Medicaid Planning Lawyers Help?
Long Island Medicaid planning lawyers a Mark S. Eghrari & Associates PLLC can discuss options with you, such as the use of health savings accounts and the use of tax-advantaged retirement accounts, so you can try to save enough money to pay for care. Unfortunately, very few families are going to be able to afford costly medical expenses for any length of time if they require very expensive services such as experimental prescription drugs or long-term care costs.
Our firm can help you to assess whether you could someday end up reliant upon Medicaid to pay for your care costs, based on the insurance coverage available to you and the extent of your personal wealth. If you could end up needing Medicaid to cover your care costs in the future, our firm will help you to find a way to protect as many of your assets as possible. This could be necessary because Medicaid is means-tested and the resource limits of the program could force you to spend down assets until you qualify coverage if you haven’t made advanced plans to protect your wealth.
Asset protection needs to begin well in advance of the time medical care is actually required in order for you to be able to protect the maximum value of the assets that you own. Don’t hesitate to reach out for help as you get older so you can keep your nest egg safe and be prepared in case of sickness or injury.
Getting Help from Long Island Medicaid Planning Lawyers
Mark S. Eghrari & Associates PLLC has helped many individuals and families throughout Long Island to explore opportunities for asset protection and to take steps to ensure that sickness during old age does not result in the loss of a life savings or the chance to leave an inheritance to loved ones. Our legal team knows the ins-an-outs of Medicaid planning and will advise you on whether you need a plan and what your plan should entail.
To find out more about why Medicaid planning could be vital to protecting your wealth, join us for a free seminar. You can also give us a call at (631) 265-0599 or contact us online to get personalized help from Long Island Medicaid planning lawyers in the process of protecting your assets in case you need costly care. Give us a call to get started.