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long term care planning Archives

3 ways to protect your assets while dealing with Medicaid

In the later years of your life, health care can be a demanding and necessary expense. No matter how well you've saved for retirement, a long-term stay in a hospital or nursing home in late life can wipe away years of hard work if you haven't planned appropriately. Luckily, there are ways to leverage options such as Medicaid without leaving yourself or your spouse bereft. Here's an overview of some ways that you can qualify for Medicaid benefits to help with late-life health care without sacrificing everything else.

Have you made plans for long-term care needs?

As you get older, you may find yourself in need of some form of long-term health care. This situation strikes many individuals over the age of 65, and without the proper planning, you could potentially find yourself among those parties struggling to pay for care. If you worry about the possible financial burden that long-term care could place on you or your family, you may wish to determine what planning options could help you accommodate for such needs.

Do you know what long-term care costs might run you?

When planning for end of life, long-term care coverage is always a good thing to think about. Long-term care costs can be covered by savings and investments or by a long-term care insurance plan. Some individuals opt for a hybrid of methods to cover potential long-term care, and all-too-often, people don't make financial plans for these costs at all. Understanding the potential costs associated with care in late life can help you see the importance of planning ahead.

Should you set easy or challenging long-term care goals?

The new year is almost here, and that means many people are thinking about goals and making plans for 2017. If you are at a stage in your life when long-term care planning makes sense, the new year is a great time to consider those plans. Many people fail to see how goals and long-term care planning align.

Decide on power of attorney designations now

There are a host of things that a person should do when they are getting their estate plan together. One aspect of this is long-term care planning, which includes getting a durable power of attorney document drawn up. We know that you might be concerned about exactly what this can do and how it will impact your ability to remain independent. We can help you to understand your options and what each option will mean for you.

Why should you plan ahead for long-term care?

Many people avoid discussions and planning related to long-term and end-of-life care because these aren't fun topics. They can, in fact, be frightening topics to consider because of the element of unknown in the discussion -- how can you plan for something when you don't know what's going to happen.

Don't Wait Any Longer

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