Many people, if not most, think about funding their long-term care needs only when faced with the urgent need to pay for long-term care. Unfortunately, by then it is often too late to plan properly.
Remember, in the United States there is no entitlement to government payment for long-term care. While seniors have an entitlement to lifetime payment of most medical care (Medicare), no such entitlement exists with regard to long-term care, whether it be in-home care, assisted living, or nursing home care. Absent advance planning, the government will provide Medicaid long-term care benefits only to individuals who meet strict poverty guidelines.
Costs for decent and comfortable long-term care can now exceed $100,000 per year. For most people, such costs will almost certainly wipe out their savings. With proper planning however, clients can prepare for such costs, and access insurance and government Medicaid benefits that will pay for some or all long-term care costs, while simultaneously protecting their assets.
Let us help you walk through the various options available and create the best plan tailored to your situation.