Boulder Estate Planning Legal Blog
While most people obtain health insurance through an employer, they will lose this coverage once they retire. Thus, as we approach retirement, one of the most important considerations is the availability of long-term healthcare coverage. This coverage is imperative to cover the high costs of medical expenses as we move into the next phase of life and protect familial assets from the skyrocketing costs of long-term care.
Recent surveys suggest that most people want to live at home as long as possible, preferring in-home care to that provided by nursing homes and assisted living facilities. However, this is not the reality for many. In fact, 78% of the state’s long-term care dollars are spent on care facilities rather than in-home caregivers.
Medicare, which is widely available for anyone over 55 years old, Medicare does not provide meaningful coverage for long-term care—either in-home or in a long-term care facility. Thus, this means that most people on Medicare will end up paying out-of-pocket for these expenses. This is where Medicaid planning comes into play.
