Thinking about Long-Term Care? Consider Your Options
Your options for Long-Term Care typically are as follows:
- Save enough and pay privately
- Buy Long-Term Care insurance
- Qualify for Medicaid
But, how much does someone need to save? Isn’t Long-Term Care insurance expensive? And how would one qualify for Medicaid?
Many people mistakenly believe that Medicare covers long-term care. It does pay for the first 100 days of skilled nursing care following a hospitalization, but nothing more. However, Medicaid — the health program for the poor — covers skilled nursing care for lower-income seniors, but does not pay for assisted living. Many middle-class seniors are forced to impoverish themselves by exhausting their hard-earned savings simply to qualify for Medicaid.
So, what is someone supposed to do? Should they buy Long-Term Care Insurance? Not necessarily. Working with a Financial Planner and/or Attorney who understands Estate and Elder Law can do wonders for individuals. If you properly plan ahead and structure your asset titles correctly, you may be able to qualify for Medicaid and not lose all of your savings in the process.
If you have any questions, call or email our firm. We will advise you on your best option for affordable Long-Term Care, and we will put you in contact with our estate attorney, if necessary.
Matt Ward, CFP®
New Century Investments – Knowing Money Matters.