At the Oshkosh Senior Expo I will be detailing strategies for any long-term care situation. It does not matter if you are healthy, or already receiving care. You may be quite wealthy, or poor as a church mouse. There are strategies for every situation to help with Long-Term Care.
They range from protecting what little you may have left from the costs, to buying insurance that will pay the costs for you. If your resources are very limited, a government program called Medicaid will pay for your care. They make very sure that you have spent all of your money first, and that you have not given your money away in the past 5 years. They even require that you have cashed in your life insurance first as well.
Medicaid does, however, allow you to set aside some of your money for final expenses in an irrevocable trust for this. They also let you do the same for each of your children and spouses of your children – up to $15,000 each. There is no cost to set up these trusts when done through TheLongTermCareGuy.com
Another strategy is all about timing. If the at –home spouse sells the house before the other spouse in on Medicaid, they may lose the entire sale price. Even the trusts I mentioned earlier must be done at the correct time so as not hinder your entrance into a facility you would like to be in.
For those with money to pay for care for more than a few months, there is a strategy that might make that money last a lot longer. It involves a payment for life, but taking into account that you may have a significantly shorter than average life expectancy. This can get you a much higher monthly income from a fairly small sum. If this allows you to pay for your care without running out of funds, then you can do what you wish with the left over money at death (versus your children chipping in to pay for your funeral – for those who did not set up special trusts for this)
If you have been turned down for long-term care insurance, it does not mean you cannot get it, it simply means the agent did not have enough options to accept you. There are special plans for people who have been declined, or in such health that they normally would be declined.
If Long-Term Care insurance is worth investigating, some guidance from people who know what changes will be taking place can be very helpful. When one cannot drive, there may be less cars to feed, travel to pay for, dining out may decrease if getting out and to the bathroom precludes dining out. You might be surprised that when many such things are taken into account appropriately, you may need far less of this insurance than you at first imagined.
Romeo will be giving two talks at the expo, one on this topic and a second talk on how to find the travel bargains so you can travel frugally too. A handout will be provided of where to look for the deals on travel.
There are insurance options for people who have been declined and assume (incorrectly) they cannot get this insurance.
There are way to make the money you do have last a lot longer