How Does Increasing Longevity Influence Your Retirement Planning?
Although most individuals are aware of the benefits of planning for retirement, longer lifespans mean that it's very important to think about the lifestyle you will have after you stop working. An individual who retires at age 65 may have 15 or more years to make his or her retirement funds last. Given the potential access to the best healthcare in the world in the United States along with a healthy lifestyle, many individuals may even live longer than that.
One of the most important things to remember for individuals approaching retirement is that it is not just about planning for a comfortable and enjoyable 10 to 20 years after you stop working. Many elderly individuals face increased risk for long term care events and other medical conditions that can seriously alter their ability to take care of themselves.
While most people are already aware of the benefits of Social Security, Medicaid and Medicare, you should not rely on these alone to help support you through a long term care event. For example, even if Medicare has covered an individual for a short stay in a nursing home after a serious medical incident, the patient may require additional support at home. If they can not return home, they may even need to reside in the facility under private pay.
If you have enough money set aside to cover you for many years in retirement, a medical incident early on in retirement could significantly impact your ability to qualify for Medicaid. This is because you will still have a significant amount of assets that would otherwise disqualify you from tapping into the federal benefits associated with Medicaid.
These are just a couple of the reasons that it is imperative to consult with an Ohio elder law attorney that works with the Medicaid program daily. Planning ahead for retirement should be a comprehensive approach towards your lifestyle, your financial planning, and your healthcare planning. Consulting with an elder law specialist now can clear up questions and give you access to more resources and information so that you can make informed decisions about your future.