Long Term Care Planning

Long term care planning considers the consequences of an extended stay in a nursing home.  While people in this situation usually are concerned about a range of issues, their ability to pay for the care they need is often paramount.  This is a certainly a legitimate concern.  Long term care in a nursing home is extremely expensive and can deplete an ordinary person’s life savings before they know it. 

Even though Medicare does not pay for long term care, with timely planning, many people can avoid losing all the assets they have acquired through a lifetime of hard work. 

One option may be to purchase Long Term Care Insurance from a private insurance company.  A qualified insurance agent can explain the various policies and coverages that may be available to you for long term care insurance.

Another option may be to qualify for Medicaid (as distinguished from Medicare), by transferring assets to a Medicaid Asset Protection Trust designed for this purpose.  Such a trust may enable the client to retain a much better quality of life than would be available without long term care planning.  Because Medicaid laws are complicated and impose strict time limits and other requirements for creating such a trust, it is important not to delay if you are considering this option.

To learn more about long term care planning, click here or contact us for a free consultation.