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Welcome again to “Ask an Advisor,” the recommendation column the place monetary professionals reply questions from actual folks. The subject might be something on the earth of finance, from retirement to taxes to wealth administration — and even recommendation on advising.
This week’s query comes from a retiree in New York Metropolis who’s involved about not simply her personal retirement, however her dad and mom’ as effectively. Her 90-year-old father has been taking good care of her 87-year-old mom, who has persistent well being issues, at residence of their Manhattan residence. This association labored for just a few years, however not too long ago it is turn out to be clear her wants require extra skilled assist — and neither Medicare nor their insurance coverage will cowl it.
Sadly, it is a frequent drawback. American seniors spend an infinite amount of cash on healthcare. In keeping with one current research by the Heart for Retirement Analysis, the median U.S. retiree spends about 25% of their Social Safety on medical bills. Medicare helps cowl some bills, however not long-term care — the sort that this retiree’s mom wants. May Medicaid, Medicare’s sister program for low-income Individuals, be the reply?
This is what this New York retiree wrote:
Pricey advisors,
My dad and mom are each aged and not too long ago started to want care at residence. Specifically, my mom suffers from extreme bodily and psychological illnesses, and wishes assist bathing and dressing each day. Her Medicare Benefit plan will solely cowl as much as 30 days of this, and we’re working out of time.
However, Medicaid covers some residence care, and I’m questioning whether or not my mom qualifies regardless that my father in all probability doesn’t. She receives a really minimal Social Safety verify ($1,065 per 30 days), and that’s her solely earnings. My father receives a bigger Social Safety verify ($2,200 per 30 days) in addition to a small pension ($374 per 30 days) and in addition has a small IRA containing about $40,000. Is it potential that my mom might be coated by Medicaid? And if not, the place else can we flip for protection?
Thanks to your assist.
Sincerely,
Questioning on the West Facet
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