September 10, 2014 | lmsXpect3 “A good plan is a roadmap that shows us exactly how the choices we make today will affect our future.” -Alexa Von Tobel One of the greatest challenges facing today’s seniors, is the struggle to afford the ever-climbing costs of health care coverage. As they age, the need for health care increases immensely, while at the same time, their income is typically shrinking. The challenge not to burn up savings earned through a lifetime of hard work or to deplete retirement funds, is a real challenge for many. The Employee Benefit Research Institute (ERBI) performed a recent study and found that a U.S. couple who retired in 2012 would need an estimated $227,000 to have a 75% likelihood of covering their out-of-pocket medical costs for the future. The same couple would need to have $283,000 if they hope to have a 90% chance of having the capacity to cover their medical costs. This is a real issue that not only affects the seniors themselves, but also their families. There are some solutions available for today’s seniors. The U.S. government offers programs like Medicare and Medicaid to help pay for the costs for hospitals, doctors, nursing homes, assisted living, prescription drugs and end-of-life care that seniors may incur. It is vital to have a strategy to address the demands for health care costs for seniors and capitalizes on available options to protect their assets. High long-term costs can potentially be addressed through strategic planning which takes these government benefit programs into account. Despite owning significant assets, seniors may be still able to access these programs like Medicaid. The Law Office of Dan Kellogg is here to help with this type of strategic planning. Let us help you protect your hard-earned assets by exploring potential options for your long-term health care solution. Contact our firm online or call us at (425) 227-8700.