“In 10 Years, Half Of Middle-Income Elders Won’t Be Able To Afford Housing, Medical Care”

As medical and technological advances take place, American citizens begin to live longer lifespans. The population and age of the elderly are both increasing rapidly beyond our means, forcing us to answer the question: how can we adequately and properly care for our seniors?

Research quoted in the article “In 10 Years, Half Of Middle-Income Elders Won’t Be Able To Afford Housing, Medical Care” on khn.org elaborates on this phenomenon.

“Deborah Carr, chairwoman of the department of sociology at Boston University who studies aging, noted that Americans “are able to live longer today than they have in the past because of medical technology.” The downside, said Carr, who was not affiliated with the study, is “if they’re living for years with dementia or mobility issues, then they have to pay longer for medical care for the additional years they live.””

The unfortunate reality Ms. Carr is trying to relay is that with a longer life span, inevitably come more medical bills. It may seem like simple biology but this is an issue that is spiralling out of control. By 2029, it is estimated that about 50% of middle-income seniors aged 75 or older will not be able to afford their medical care. It is also estimated that the population of middle-income elders will double in that time. By 2029, most middle-income seniors will be making about $60,000.00 a year, which falls just short of the estimated $62,000.00 a year that their care costs, ignoring other life expenses that may pop up. So what is the solution to 14.4 million seniors in America that cannot afford their own long term healthcare?

Fortunately, there are ways around this. Our government does what it can to mitigate issues as serious and rampant as this one with the programs they have created. The most commonly known solution for long term healthcare for seniors, since the 1960s, is Medicaid. But for the government programs to work in your favor, you must adhere to the strict rules and requirements of said programs. Oftentimes, this will require making financial moves and decisions that are best advised by a lawyer.

Danna & Associates, PC has specialized in both Elder Law and Estate Planning for over 25 years. This has given our firm extensive experience in completing Medicaid applications and handling all the caveats that come with it. Medicaid’s requirements are sweeping and intrusive, vary from state to state and are known to cause frustration even in the early stages of getting together all of the required documentation. Let us use our background and skills to help you create a long term healthcare plan that will not only put your mind to ease, but your loved one’s as well. Call 718.273.0300 for your free consultation today!

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