If your parents are seniors or approaching that age, medical care is likely on your mind. Long-term health care is not only an emotionally stressful prospect, but it is also expensive. What makes it even tougher is that your parents will likely be on a Medicare plan that doesn’t cover all long-term care expenses. The elder law attorneys at Davidson Law Group want to take a look at the pros and cons of Medicare and help you understand how the system works.
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What Does Medicare Cover?
Medicare can seem like an especially volatile thing because it is government-run meaning that at any time, funding can be slashed. Despite that, Medicare has been one of the most consistent government-run programs because of its function. As Toby Ziegler learned the hard way in The West Wing, there are a few things that nobody wants messed with: Social Security, Medicaid, and Medicare.
For the most part, Medicare is more efficient and cheaper than most government-run programs. However, elder law still exists because it doesn’t often cover enough. It is acknowledged that Medicare will cover some long-term care costs, but not many. Medicare’s function is more of a basic protection plan, similar to normal health care plans, but we know that seniors will require more than that, which is why elder law is so important as your parent or parents get older and closer to Medicare.
Should I Enroll In Medicare?
Despite its limitations, you should absolutely enroll in Medicare, if not only because you have been investing money in it for decades. For those of you who don’t know, Medicare is funded by the Social Security Administration. In other words, it’s funded by the taxpayers, i.e., you. We all pay roughly 1.45% of our wages into the Federal Insurance Contributions Act (FICA), which contributes to Medicare. Employers pay another 1.45%. Medicare, while not providing for long-term care costs, does provide basic protection, which is a worthwhile, cost-saving motivation to enroll.
However, what our elder law attorneys are worried about at Davidson Law Group is providing for your long-term care needs. There are ways to save money, usually through some sort of elder law consultation. Do you qualify for Medicaid? Is a nursing home or a continuing care retirement community an option? Can tax breaks help to reduce the burden? Medicare is a fine government program worth enrolling in, but we want to help you prepare for the day you need more.
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Contact an Elder Law Attorney at Davidson Law Group
At Davidson Law Group, our elder law attorneys understand the stress and difficulty of long-term care for your loved ones. Medicare isn’t always going to be enough and we want to help. Contact us today in Fort Worth, Allen, or Tyler, or visit our website for more information. We look forward to hearing from you!