Growing older brings numerous responsibilities, many of which pertain to ensuring that the financial groundwork has been laid for a secure retirement. For some in Georgia, that means Medicaid planning. Looking ahead and making wise decisions regarding Medicaid funding is important, especially for senior citizens who are single.
Married people have more of a cushion when it comes to financial matters, simply because there is a second person there to rely upon and turn to for guidance and support. Singles very often take on a great deal of responsibility themselves, which can lead to gaps in financial planning. Thinking ahead about Medicaid planning is just one example of the financial missteps that can occur when an individual is going it alone.
There are strict guidelines to qualifying for Medicaid coverage for long term care needs. Individuals must remain below a certain asset and income threshold. Hitting those numbers requires planning, and if Medicaid isn’t the right path ahead, then long term care insurance should be the next optic of consideration.
For single seniors in Georgia, it’s never too soon to begin planning for the future. Working with an elder care attorney can provide the peace of mind that comes with having professional guidance in these matters. Medicaid planning can make a big difference in the eventual cost of long term care, and is a matter that should not be avoided or postponed. Even without a spouse or partner to share the planning burden with, single seniors can build a strong financial plan with the right professional help.