Elder Law Answers: Key Medicaid and Medicare Info
As an elder law and estate-planning firm, we assist people in preparing for the inevitable. You can also prepare for the twilight years that will inevitably follow. You can also prepare for the twilight years that will inevitably follow.
It all starts with a foundational knowledge of the relevant factors, and we will provide an overview in this post.
Medicare Eligibility
When you pay payroll or self-employment taxes, you earn retirement credits that lead to eligibility for Medicare and Social Security. The minimum is 40 credits. If you do not have the required credits, you may be able to qualify on your spouse’s record if you are married. If you do not have the necessary credits, you can potentially qualify on your spouse’s record if you are married.
Medicare Out-of-Pocket Costs
Medicare is broken up into four sections: Part A, Part B, Part C, and Part D. The first portion pays for hospitalization, and there is no monthly premium for Part A if you are fully vested in the program.
The bad news is that there is a deductible per benefit period, and there are significant copayments for exceptionally long hospital stays.
Part B pays for outpatient treatments and visits to doctors. In 2024, the average monthly premium will be $174.70. Part C allows you use your Medicare benefit to buy a private insurance policy that offers additional features. Medicare Part D is the prescription drug portion of the program, and there are deductibles, copayments, and premiums that must be paid out-of-pocket when you carry this coverage.
Long-Term Care
Aside from these costs, there is a huge gap in the coverage, and this is the most relevant elder law issue. Medicare does not cover long-term care, and most seniors will incur assisted living expenses eventually.
Nursing homes and assisted living communities are very expensive, so this is a situation that you should definitely prepare for in advance. Medicaid will pay for long-term care, and we help clients position their financial assets with future Medicaid eligibility in mind.
Social Security Eligibility
The age of full Social Security eligibility is 67 for people born in 1960 or any later year. You can receive a Social Security benefit as early as 62. You can delay your application for Social Security until you reach 70 years old. You will receive a higher benefit if you do so. It will go up by eight percent for every year that you delay.
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Schedule a Consultation With an Oklahoma City Estate Planning Lawyer!
If you are ready to develop a plan for aging, we would be glad to provide the necessary assistance. You can call us at 405-843-6100 to set up a consultation appointment at our Oklahoma City Office.
You can use our contact form to send us a message, and our Tulsa, Oklahoma estate planning office can be reached at 918-615-2700.
After helping his own family deal with a lengthy probate and the IRS following his father’s untimely death in a farm accident, Larry Parman made a decision to help families create effective estate plans designed to reduce taxes, minimize legal interference with the transfer of assets to one’s heirs, and protect his clients’ assets from predators and creditors Read More! Larry Parman, Attorney At Law’s latest posts
