Home Care Services and Medicare
“The negative news is that today we are spending more, and the positive news is that we now live longer,” according to Michael Aun, an entrepreneur, author and motivational speaker well known by the government.
You did everything according to the book. You have lived within your means and have diligently developed your savings. Through all the highs and lows of the market, your well-diversified portfolio remained, controlled the cost of the investment and used so many strategies to reduce taxes on his income. As a result, you have accumulated enough to finance your retirement income and to get a Medicare Supplement plans 2020 at https://www.2020medicaresupplementplans.com give your children a decent legacy. The downside is that if you do not take the right steps to protect your assets, you can lose everything. I am not talking about the possibility of continuity of market volatility or a serious recession that generally dominates the news and the opinion of all. I’m talking about the three four-letter words that almost nobody dares to comment on. Long-term care includes the cost of a nursing home, home care or assisted living.
Why should it be a problem?
According to the Department of Health and Welfare of the United States, 70% of people over 65 need home care at some time in their lives. Among those who need help, more than 75% of them need more than a year. The prevailing life expectancy after 65 years is around 17.9 years, which implies that the chances of obtaining help for chronic diseases are greater now than 10 to 20 years ago. The cost of healthcare is expensive. According to the American Association for Long-Term Care, the average cost of assistance insurance is about $ 73,000 per year. The cost of nursing home care can be significantly higher or lower, depending on the services needed and the frequency with which the patient needs treatment.
The cost of care increased on average by 6% per year for some years. At that rate, the average cost of care in 12 years will be twice the current cost, which would be US $ 146,000 per year. Assuming that medical care expenses will continue to increase in the same proportion for another 12 years, the cost of treatment in 24 years will be $ 292,000 per year. Medicare covers only the first 20 days of qualified care that follows a minimum of 3 days after admission to the hospital. Medicare and its supplement can pay for more than 80 days of treatment, but only if a doctor says they need proper care and again after a three-day hospitalization.
- So, what should I do or could I do now?
- Would you like your son or wife to take care of you? If so, how will it affect their lives?
- What you want to do depends on what you want to do if you need long-term care.
- What assets will be liquidated?
- If you prefer to receive professional assistance, how can you pay for your services?
- How many more taxes must be paid?