To be completely prepared for your twilight years, you should understand all of the eventualities and involve family members that will be by your side. Passing is one of the certainties of life, so it is wise to be pragmatic about the inevitability and make things as comfortable as possible for yourself and the people that you love. With this in mind, it is important to understand the value of hospice care.
When you engage any type of health care assistance over the years, recovery is the objective. Things are entirely different when it comes to hospice care. The idea is not to heal, because recovery is no longer feasible. In hospice, you are provided with everything that you need to live the final portion of your life as comfortably as possible.
Hospice care can be provided in a number of different settings. Some hospitals are set up to provide this type of assistance, and nursing homes can also accommodate residents that require hospice care. There are individual, freestanding hospice centers, and the care can be provided in your own home if this is your preference.
In addition to the family members that want to be involved, there are a host of different professionals that are typically part of the hospice team. Your personal physician will still be a participant during this phase, and the hospice itself will have a physician or medical director.
There are nurses that would be assigned to your case, and there can be therapists and counselors. If you would like to interact with members of the clergy, this can be facilitated. Trained volunteers often provide very useful insight as well.
The most important thing is to find some peace within yourself when you are traveling on this final road. At the same time, there are financial considerations that should be addressed so that you can leave a suitable legacy for your loved ones to draw from after you are gone. When it comes to hospice care in its own right, Medicare and Medicaid will cover it, and most private insurance policies will assist with hospice costs.
However, before you require hospice care, you may well spend some time in a nursing home. In fact, seven out of every 10 seniors will eventually need some form of living assistance, and many will reside in nursing homes. One major health challenge that forces people into nursing homes is Alzheimer’s disease. Approximately 40 percent of people that are 85 years of age and older have contracted Alzheimer’s, and a significant level of care can be required.
As we have stated, Medicare will pay for hospice, but it does not pay for a stay in a nursing home. This is a very significant fact of life, because nursing homes are very expensive. Here in the greater Detroit area, at the time of this writing, you can expect to pay somewhere in the vicinity of $100,000 for a year receiving nursing home care. Clearly, a long-term stay can be financially devastating for many people.
Medicaid is a potential solution, because it will pay for nursing home care. Since it is intended for people with sparse financial resources, there are low income and asset limits. In spite of this, if you take the right steps in advance, you can potentially position assets out of your own name as you aim toward future Medicaid eligibility. This takes careful planning, because the divestitures must be completed within 60 months of the submission for your application if you want to become eligible immediately.
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If you would like to learn more about hospice care, nursing home asset protection, or any other elder law matter, we would be more than glad to have a meaningful conversation with you. To schedule a consultation, give us a call at 586-493-7661 or click this link to send us a message electronically.