Seniors represent the fastest growing age group in Georgia and elsewhere as the baby boomer generation enters retirement years. Many in the population qualify for Medicaid. A new law that was recently signed by the governor of Georgia may impact how Medicaid planning is done.
Anyone approaching the age of 65 understands there are few options for paying for long-term care if he or she should need it. Unfortunately, the chances of needing long-term care are high. In fact, at age 65, one has a 70 percent chance of requiring this kind of support at some point in the future, according to the U.S. Department of Health and Human Services. This is why Medicaid planning is an essential part of preparing for one's golden years.
The enormous cost of residency in a nursing home or similar qualified facility in Georgia and other states can be an unexpected development that intrudes to deplete a family's assets. This can erase the carefully laid plans of a couple to enjoy their assets through their retirement years. Medicaid planning may be a way to avoid the economic ravage and still provide the needed care for a loved one.
Georgia families who want to plan ahead for late-life care needs may want to consider an irrevocable trust. When it comes to qualifying for Medicaid, the manner in which assets are held or distributed is incredibly important. Timely Medicaid planning can ensure that a Georgia resident or loved one has the care that is needed when the time comes.
For many Georgia residents, remaining in their home as they age is a top priority. With proper planning, that can be a reality for some. Medicaid planning is an important part of preparing for the future, as individuals must not exceed certain asset thresholds in order to qualify for Medicaid. When planning ahead, app-based transportation services like Uber and Lyft could also be a critical part of maintaining independence.
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.
For those in Georgia who worry about having enough money to carry them through retirement, it's important to understand that these concerns are not uncommon. As the American population ages, many baby boomers are worried that their retirement savings won't last as long as needed. Medicaid planning is also an important consideration, and can greatly affect one's later years.
As Georgia residents near retirement age, it's important to start thinking ahead about Medicare. Making the appropriate changes a few years in advance can maximize one's Medicare benefit when the time comes. One way to engage in active Medicare planning is to consider the role that a qualified charitable contribution could play in future finances.
Nursing home care will become a fact of life for many Georgia individuals. While this type of care may be necessary, it does come with a hefty price tag. In fact, the average nursing home charges in excess of $8,000 per month for each resident. For those who have been diligent in their Medicaid planning, this may not be devastating news; however, for those who will be required to pay this expense on their own, the consequences can be substantial.
A provision that limits the transfer of assets before a person becomes eligible for government medical benefits may also affect trusts. When a person in Georgia looks into estate planning, keeping this in mind will help ensure the protection of the estate. Medicaid planning requires one to understand how the transfer of assets may affect one's own medical care and the inheritance of beneficiaries.