02 Oct
Older adults have to work for many years to qualify for Medicare benefits. Medicare coverage is one of several crucial government programs that make retirement safe and comfortable for people in their golden years.
The promise of basic medical coverage allows people to give up their employment and the private health insurance that may come with their careers. Medicare can help older adults with a variety of different medical challenges. However, those with the most intensive support needs may find that Medicare doesn’t cover the type of support they require. Medicare generally does not cover any cosmetic or elective procedures. It may also fail to cover costs commonly associated with advanced age.
Medicare has a long-term care gap
Older adults with limited functional abilities and those experiencing cognitive decline may eventually become unable to live independently. They may not have any family nearby who can care for them or may have support needs that go beyond what family members can offer.
Long-term care might involve staying at a rehabilitation facility for months to learn how to walk and perform other activities again after a stroke. Some older adults need to have in home nursing support on a regular basis, possibly because they have to undergo dialysis. Others might need to move into a nursing home.
Unfortunately, Medicare does not cover any of those types of care. Medicare may cover short-term rehabilitative support that lasts for under a month. However, those in need of long-term support have to find other options. Typically, they have to choose between self-funding their care or applying for Medicaid.
Instead of waiting until health issues make Medicaid benefits necessary, many older adults may benefit from planning for Medicaid ahead of time. Financial moves made at least five years before someone applies for Medicaid benefits don’t lead to penalties that might delay their benefit eligibility. The sooner retiring adults plan for their future care needs, the easier it may be for them to qualify when the time comes.
Discussing Medicaid planning strategies with a skilled legal team can help older adults preserve their resources and better ensure their comfort later in life. People who understand the limits of Medicare may be able to plan to access the Medicaid support aging adults sometimes require.