Medicaid / Medicare Planning
Medicaid/Medicare Planning: Are you prepared for the possibility
of needing long-term care at some point? Have you considered
the effect long-term care costs will have on your assets and
estate?
Many people are surprised to find that Medicare only covers part of the costs of long-term care, and with costs of up to $10,000 per month, even a stay of a few months can have a devastating impact on their financial situation. This problem is compounded if a healthy spouse needs the use of these assets (especially the home).
Medicaid could be the solution since it will cover nearly all of the expenses for long-term care. The problem is it requires that you have virtually no assets to qualify for Medicaid. This is the sad reality for many.
There are, however, solutions that may enable you to qualify for Medicaid and keep assets such as a home available for your exclusive use as long as you need. Planning early is critical! Generally a solution needs to be in place at least three years in advance.
