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Preparing for the Cost of Long-Term Care

With medical advancements extending life expectancy, the likelihood of requiring extended medical or assistive care is higher than ever.

However, preparing for these potential needs is a multifaceted challenge:

  • Insurance Options: Medicare may offer limited coverage, but it usually doesn’t suffice for long-term needs. Long-term care insurance is an option, but premiums can be high. Hybrid insurance products that combine life insurance with long-term care benefits might be a suitable compromise.
  • Government Assistance: Medicaid provides long-term care assistance but requires that you meet specific income and asset criteria, which often necessitate “spending down” your resources to qualify.
  • Family Discussions: It’s crucial to have an open and frank discussion with family members about the kind of care you would like, where you’d like it to take place, and what financial preparations need to be made to facilitate this.
  • Asset Protection: Some choose to consult with an attorney to make legal provisions that protect their assets while enabling them to qualify for Medicaid. These measures may include trusts or gifting but must be approached carefully to avoid penalties.

Preparing for long-term care is a financial and emotional necessity that can benefit from professional guidance. Let our office help you understand your options and build a plan that preserves your assets while ensuring you receive the care you may need in the future.

We specialize in educating and helping you protect what you have for the people you love the most. Contact us to learn more about how we can help.

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