Are You Aware Of Medicare Limitations?
by Paul Kraft (Frank & Kraft, Attorneys at Law)It is a rude awakening when you start to reach middle-age and find that you are not prepared for retirement. One of the reasons why far too many people find themselves in a bad position is because they expect too much from Social Security and Medicare.
These programs are intended to act as a safety net but they are not in any way comprehensive. Social Security provides a very basic level of income, with an average payout that is around $1200 per month right now.
Medicare also has very significant limitations. There are out-of-pocket expenses associated with routine health care services, and you must be aware of them and budget for them appropriately.
In addition, there is the matter of long-term care. The United States Department of Health and Human Services tells us that the majority of senior citizens will in fact need help with their day-to-day needs eventually.
Medicare does not pay for long-term care, and assisted living costs are very high right now and trending upward.
If you have not explored the issue you may be surprised to hear that the average cost for a private room in a nursing home in the United States in 2011 was $239 per day, a 4.4% increase over the 2010 figure of $229. This factors out to over $87,000 annually.
Without question, potential future medical expenses are something to take quite seriously when you are making preparations for your active retirement years and the twilight years that will follow. To gain an understanding of how to address these costs given your unique situation take a moment to arrange for an informative consultation with a licensed and experienced Indianapolis elder law attorney
Experienced estate planning attorneys Indianapolis IN of the Frank & Kraft Attorneys at Law offers estate planning and business planning resources to residents of Indianapolis IN. To learn more about these free resources, please visit www.frankkraft.com today.
