“Too few older adults know and understand their rights and options regarding long-term care (LTC), which is ruinously expensive.”
“Many people simply do not want to face this issue or somehow have faith that they will avoid needing such care when they get older. According to the U.S. Department of Health and Human Services, “Someone turning age 65 today has almost a 70 percent chance of needing some type of long-term care services and supports in their remaining years.”
“It’s important to understand that the sources of payment for long-term care are limited to one’s own money, long-term care insurance (if one purchased a policy and kept up with the premium payments) and Medicaid. Both saving for LTC and purchasing a specialized policy to cover these services require forethought and involve either setting aside or paying a significant amount of money in advance. Because so many people do not plan accordingly for this expense, many find themselves looking to Medicaid for assistance. The catch here is that most people do not want to spend the savings they do have on their care. Unfortunately, even if they did, those funds would not last long.”
How Medicaid Works:
“Unlike Medicare (which does not cover long-term care), Medicaid is a means-tested program. In other words, you can only own a small amount of money or property, have a low income, or both to qualify.....”
Top 5 Strategies for Protecting Your Money from Medicaid:
Any strategy needs the assistance of an Elder Law attorney. You’ll save far more than you spend on their absolutely essential services.