Preparing for retirement in Ohio requires careful planning. You have to have a realistic idea about where you live and what your costs will be.
Most people plan their retirements with expectations that they will live at home with their spouse and potentially travel. Although you may have enough resources set aside to cover your grocery bills and utility costs, your retirement savings may fall far short of what you need if your health declines as you age.
Many older adults eventually need at least a temporary stay in a nursing home, if not to move into one permanently as they grow older. You can plan ahead now to cover nursing home costs or risk not receiving the care you need later.
Nursing homes in Ohio are very expensive
Whatever you have set aside for retirement will likely fall short of the cost to support you in a nursing home. According to information provided by the State of Ohio, the average cost of nursing home care is more than $5,000 per month.
In other words, you will have at least $60,000 a year in costs just to stay at the facility. You could spend all of your retirement savings and still have bills left afterward. Planning ahead so that you can qualify for Medicaid could help you cover the costs of nursing home care if you need to move into one when you get older. It can also protect your assets from claims by medical creditors when you age or after you die.
Medicare won’t cover nursing home costs
There are many limitations to Medicare, the age-based insurance program available for retired Americans. Medicare typically will not cover an extended stay at a rehabilitation facility, in-home skilled nursing services or nursing home costs. Medicaid, which is a needs-based program, will cover those expenses.
However, to qualify for Medicaid, you need to plan ahead to diminish your personal property. Making strategic gifts, changing how you own your home and creating a trust could all be ways to plan ahead so that you can qualify for Medicaid if you need to move into a nursing home when you get older. Comprehensive estate planning before you need benefits or your health starts to decline can protect you as you age and the legacy you want to leave for the people that you love after you die.