Who Needs Medicaid in Older Age?
Who might need Medicaid in older age? The answer is more people than you might think. Whether you have an aging parent who could soon require long-term care, or you want to plan ahead for your own health needs in the future, it is important to discuss Medicaid planning with your Connecticut estate planning and elder law attorney. Many people mistakenly assume that Medicare — the health care system for older adults regardless of income — pays for long-term care that a patient might need in a nursing home or related facility. Yet Medicare, to be clear, does not cover long-term care. And, moreover, long-term care is extremely expensive.
According to data from Genworth, the average cost of a private room in a Connecticut nursing home in 2025 was more than $16,700 per month. By 2035, that cost is likely to rise to more than $22,000 per month. Even with current costs, if an older adult requires a 12-month stay in a nursing home, the cost would be more than $200,000. Even with a somewhat significant savings, long-term care costs can result in quick depletion. As such, you will likely want to consider Medicaid eligibility. Our Canton elder law and asset protection lawyer can explain in more detail.
You and Your Parents Will Likely Want to Rely on Medicaid for Long-Term Care
Even with a well-paying job and income, and a somewhat substantial savings, by the time a Connecticut resident reaches older age and requires long-term care, their assets can be depleted significantly by the cost of a nursing home stay. Accordingly, even though Medicaid is a system designed for individuals with limited assets, it is often the only way for older adults to pay for long-term care without having to spend down their own savings and assets significantly.
You, and your elderly parents, can work with an elder law and asset protection lawyer to begin a process known as Medicaid planning. Through Medicaid planning, you may be able to protect certain assets by establishing a Medicaid asset protection trust or another type of trust. You can also take other steps to protect assets without having to spend down, such as by investing countable assets in non-countable assets, for example.
Contact a Canton Elder Law and Asset Protection Lawyer for Assistance with Connecticut Medicaid Planning for Older Age
Whether you are thinking about your aging parents’ needs, or if you are starting to plan ahead for yourself as someone just now in middle age, it is important to understand what is involved in Medicaid planning and why it is important for so many Connecticut residents. As we discussed above, it often comes as a surprise to many people in Canton that they may want to rely on Medicaid for long-term care, given their income and savings. Yet paying out-of-pocket for long-term care can deplete a savings account extremely quickly, especially when there is a need for a longer stay in a nursing home.
You may be able to protect your assets and to become Medicaid eligible with assistance from an experienced Connecticut elder law and asset protection lawyer at the Law Office of Brian S. Karpe. Contact our firm today to learn more about Medicaid planning and other asset protection strategies.
Sources:
huskyhealthct.org/members.html
carescout.com/cost-of-care
