Certain unique challenges go along with entering different stages of life. Fortunately, there are resources available to help us address these matters.
If you have worked throughout your life and contributed into the programs, you will be eligible for Social Security and Medicare. The age of eligibility for your full Social Security benefit is between 66 and 67 if you are not already receiving your benefit. The exact date of your eligibility will depend on the year of your birth.
Medicare is a bit different. As the laws currently stand, everyone who has paid into the program sufficiently becomes eligible to receive Medicare benefits at the age of 65.
It is important to note that a high percentage of senior citizens will someday need long-term care. Medicare does not pay for long-term care, which is something you should know because it is very expensive. However, many senior citizents rely on another government program, Medicaid, to pay for long-term care.
Though Medicaid is intended to provide a safety net for people with severe economic limitations, it is possible to qualify for Medicaid to pay for long-term care while still preserving assets if you go about it properly.
Given the intricacies of these programs, it is a good idea to talk with a professional as you are planning for the latter portion of your life. Should you be interested in doing so, simply take a moment to arrange for a consultation with a Northern Kentucky elder law attorney.
John’s practice focuses on the use of Wills and Living Trusts in Estate Planning to help individuals protect their families and preserve their legacies after their deaths, but his practice also focuses on the critical issues of protecting individuals with dementia or other diminished capacity, assisting individuals in qualifying for Medicaid and other government benefits to offset the costs of long-term care, and providing special needs planning.
John is admitted to practice law in North Carolina, South Carolina, Kentucky, and Ohio, and he is accredited by the Department of Veterans Affairs.
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