When you think about the future after you reach the end of your career path, the active retirement years will probably come to mind first. Indeed, this can be one of the best periods of your life if you plan ahead appropriately from a financial perspective. At the same time, it is important to consider the twilight years that will follow these golden years. Some of the eventualities are quite profound, and it is wise to understand all the facts so that you know how to proceed.
As elder law attorneys, we advise people about these matters each and every day. One thing that you should learn a bit about his hospice care. This is true if you are an individual that is planning ahead for the inevitability of your passing, and your family members that will be by your side would do well to gain some knowledge about hospice as well.
You may benefit greatly from hospice care when the medical community has exhausted all possibilities toward the end of your life. The goal at this point is not to become well; it is to minimize pain-and-suffering and become physically, emotionally and spiritually prepared for death. This type of care can be received in your own home, and it is also offered in freestanding hospice centers, hospitals, and nursing homes.
Any family members or friends that want to remain close can be readily available to you during hospice treatment, and there are a number of different professionals involved. These would include your own family physician and the hospice doctor or medical director. Licensed nurses will be part of the team, and there can be therapists, advisers, and members of the clergy present when and if you need them. Plus, trained, experienced hospice volunteers can be called upon to provide invaluable insight and assistance.
From a financial standpoint, hospice care is usually not going to have much of an impact. Though nursing home care is not covered by the program, Medicare pays for hospice care, Medicaid will assist with these expenses, and private insurance will often cover hospice care.
Speaking of Medicare and long-term care, nursing homes are extremely expensive, so paying out of pocket could potentially consume everything that you always intended to leave to your loved ones after you are gone. The life expectancy of someone that is 67 is at least 85 years. Clearly, many people in their 80s will require residence in nursing homes before they start to receive hospice care, so this is something that everyone should take very seriously.
The good news is that Medicaid does pay for long-term care, but you have to prove that you have very limited financial resources to qualify. Many people engage in a process called a Medicaid spend down to divest themselves of assets before they apply for Medicaid coverage to pay for long-term care. This takes informed advance planning, because you have to complete all divestitures at least five years before you apply for coverage if you want to gain eligibility right away.
Schedule a Consultation Today!
We would be more than glad to help if you would like to speak with one of our elder law attorneys about a plan for aging. You can schedule a consultation if you call us at 309-944-2188 or 800-644-5345.