As Mount Clemens Medicaid Lawyers, we speak to a lot of senior citizens that want to learn about the legal matters that they should be concerned about. Unfortunately, there are others that do not seek out this type of advice at the right time. In many instances, clients come to us after problems have arisen, and it can be difficult to mitigate the damage at that point.
Information is the key to a comfortable, secure retirement that ultimately allows you to leave behind a suitable legacy to your loved ones. In this blog post, we will look at some frequently asked questions that Mount Clemens Medicaid lawyers hear, and we will provide answers that will help you understand some important issues.
Is it true that I can start to receive Social Security when I am just 62 years of age?
Anytime we discuss the parameters surrounding Social Security, we point out the fact that they are subject to change via legislative mandate. That being stated, at the present time, you can in fact start to collect a monthly Social Security payout when you are 62. However, it would be a reduced benefit that would be somewhere between 65 and 70 percent of your full benefit.
The age of full Social Security benefit eligibility depends upon the year of your birth. For people born between 1943 and 1954, the eligibility age is 66. It then goes up by two months per year, so if you were born in 1955, you would be eligible two months after your 66th birthday. This two-month per year graduation ends in 1960. People born during that year or later become eligible for a full Social Security benefit at the age of 67 under currently existing laws.
We should point out the fact that it is possible to delay your application for Social Security benefits until you are as old as 70 years of age. If you go this route, your benefit would go up by 8 percent for every year that you delay after you are eligible for your full Social Security benefit.
Will Medicare cover all of my health care expenses?
The eligibility age for Medicare coverage is different than the Social Security eligibility age. As the laws stand at the time of this writing, everyone who has paid into the program sufficiently will become eligible for Medicare when they reach the age of 65.
This program is broken down into four sections: Part A, Part B, Part C, and Part D. The first portion covers inpatient hospitalization. For most people, there is no premium that must be paid monthly, but there is a deductible per benefit period, and there can be copayments for long hospital stays.
Medicare Part B pays for visits to doctors and outpatient care. There is a monthly premium for this coverage, and in 2018, the standard premium amount is $134, but some people pay less. There is a $183 deductible, and there is a 20 percent copayment requirement. Part C allows you to combine your Medicare benefit with private insurance, and Part D is the prescription drug component. There are monthly premiums, deductibles, and copayments for Part D.
Does Medicare pay for long-term care?
This is one of the most important matters that Mount Clemens Medicaid lawyers address. Since Medicare exist to provide assistance for seniors that need health care, it would be natural to assume it would pay for living assistance. The program will pay for convalescent care after an injury or illness when the patient is expected to recover fully. However, it does not pay for custodial care. This is the type of care that you would receive in a nursing home or assisted living facility.
What percentage of seniors require assistance with their activities of daily living?
According to the website LongTermCare.gov, which is maintained by the United States Department of Health and Human Services, seven out of every 10 people that reach the age of 65 will need living assistance eventually. Many of them will reside in nursing homes or assisted living communities.
How much does it cost to stay in a nursing home?
Since we are Detroit area elder law attorneys, we pass along figures that are specific to our area. The median annual charge for a private room in a nursing home in our area is over $104,025.
Consult With Our Firm to Explore Solutions!
As you can see, long-term care costs can potentially consume everything that you would like to leave to your family. Fortunately, there are solutions, and you can set up an appointment to discuss them with one of our Mount Clemens Medicaid lawyers if you give us a call at 586-493-7661.