Senior planning aims to help an individual plan his future finances, so he could be sure someone will take care of him and help with his daily needs. What seniors are concerned about is who would help them and where would they live.
Retirement plans and 401(K) plans can help people live comfortably after retirement. In addition, family members or the seniors themselves can consult with Utah Senior Planning and other trusted organizations in the state when they need senior services in the state.
Medicaid is a partnership between the federal government and the states. It aims to assist senior citizens, the blind, and other disabled persons, with rules, regulations, and benefits that differ from state to state. Choosing a senior planner requires due diligence and trust. These are financial planners who would ensure that you find affordable care for seniors. They are also in a position to recommend the best facilities.
Medicaid eligibility rules require that the individual should have no more than $2,000 in assets, excluding any stake in their home. The individual uses Medicaid, with the house as collateral. When the individual dies, Medicaid sends the bill to the deceased’s beneficiaries for medical repayment. As collateral, a lien is placed on the home until the bill is paid.
Senior planners understand the individual’s concerns, as well as the need for adequate and affordable care. Drawing on other resources, including senior care options, planners help in assessing and choosing a long-term facility, as well as in determining how to pay for the services. Other concerns include health, social life, and long-term finances.
Seniors have a smaller revenue stream since they are no longer working, or they can no longer work in a regular job. This puts them at a disadvantage and they may not be able to maintain their lifestyle once they retire. Senior planning helps ensure that older citizens are well taken care of and that they don’t have to worry about their financial status.