Thanks to advancements in health care, Americans live longer than they did in past decades. According to Lorman Education Services, approximately 80% of U.S. residents now live beyond the age of 65. Like many of you, we are glad that people are able to live longer and enjoy their golden years. However, this increased longevity can come with financial hardships elders must overcome.
Paying for residential placement and elder care is a massive concern in the 21st century. While some elders have accumulated the means to pay for whatever they need in their aging years, it is safe to say that most elders in Jackson lack sufficient means.
Qualifying for Medicaid can take the financial strain away from aging residents who need to live in an assisted living facility. Unfortunately, the Medicaid program comes with strict financial limitations. Before you apply for these benefits, you may need to transfer some of your assets to a trust or other estate planning tool in order to qualify financially.
This is where elder law and Medicaid planning can help. It may sound strange to plan for Medicaid, but it is a critical step for so many of our Missouri elders. In fact, it is so important that some elder law attorneys, we included, have started to recommend Medicaid planning as a vital part of your future care planning efforts.
Addressing these issues early on gives you and your lawyer plenty of time to create an effective Medicaid planning strategy. We invite you to continue reviewing the information on our elder law web pages to learn additional ways you provide for your future and enjoy your elder years.