First I appreciate all the retirement scenarios that are shared here – they are very helpful!
What happens then when someone runs out of money to sustain their room and board? Does Medicaid kick in? Do other programs kick in? Would homelessness be likely? In their case there is a charitable aspect to the facility they are at, so this is less of an actual worry for them. It makes perfect sense then why individuals and their families, like you, would worry about paying for assisted living facilities, nursing homes and other retirement communities during this time. Long-term care is not cheap.
Check out MarketWatch’s column “Retirement Hacks” for actionable pieces of advice for your own retirement savings journey “The more likely scenario is having to move from one facility to another to ensure Medicaid benefits are accepted there,” Heider said. “Some facilities accept a limited number of people through Medicaid, so finding availability could also be a reason for having to move facilities.”
Here’s more information on beneficiary resources from Medicaid.gov. Individuals should also reach out to their state’s Medicaid office. Veterans may also find helpful resources through the Department of Veterans Affairs, such as possible long-term care facilities. Look for local Area Agency on Aging agencies, which can be public or private nonprofits in your area that focus on the needs of the elderly.
What happens if you run out of money before retirement 😂
Ever meet a Walmart Greeter? Question answered.
Live life.. For now.. PATIENCE REWARDS Enjoy Memories Reminiscences Stand tall Rejuvenate Bitcoin
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