Life expectancy is increasing across the United States and right here at home in Ohio. This means that many of us will get to enjoy our golden years for quite a bit longer than was expected in previous generations. While longer life expectancy is a reason to celebrate, it is also a reason to take estate planning very seriously. Many Americans are going to require some form of assisted living at some point during the later stages of life. It is important to financially plan for this eventuality. Many Americans believe that Medicare will help them pay for Assisted Living Services when the time comes. However, according to A Place for Mom, Medicare does not cover long-term assisted living expenses.
The only type of assisted living that Medicare will cover is in the event that you experienced an illness or an injury and need nursing home facilities for a specified period of time. This will require a note from a doctor explaining your need for these services, and Medicare will pay for this in whole or in part for up to a calendar year. Additionally, should you require hospice care, Medicare will cover this as well. But if you are just in need of assistance with daily activities, Medicare will not cover this.
If you are below a certain income cap, Medicaid May step in to assist with the often very high costs of assisted living. However, you need to be below a certain threshold and Medicaid is subject to a look back period, which ensures that you did not divest yourself of assets in order to be below the cap. Good planning is essential to living your best life in your later years.