Long-term care will be a reality for many of us in our lives – and it is a harsh reality. Nursing homes, assisted living facilities, and other comprehensive care can easily cost between $6,500 – $12,000 a month – for years on end. This could quickly and easily wipe out your retirement savings and deplete the money you hoped to pass on to your children. The good news is that proper and proactive planning can help you qualify for government benefits that will pay for your care and allow you to preserve your assets.
In this video from her Estate Planning Series, Michigan elder law and estate planning attorney Bobbi Hines discusses the importance of Medicaid planning. She distinguishes Medicare (a government program for older Americans and those with disabilities) from Medicaid (a qualified government benefit), how they impact an individual’s ability to pay for long-term care and rehabilitation, and why you should plan now to ensure your eligibility.