While it may be prudent to stay at home right now due to the Coronovirus, questions about how to handle long term care for someone who now needs it will arise. While I cannot help find care, I can offer ideas on how to access benefits to pay for such care.
Are you aware that there is home care coverage available to anyone – no matter health or diagnosis – who can currently live on their own for 30 days? It will pay a neighbor or a home care agency to provide that care at home when it becomes necessary.
There is also coverage for assisted living or nursing homes that will pay for a year of such care, and the cost is quite reasonable–$17.87/month at age 50. If you have been turned down for Long Term Care insurance, there is a good chance that this may still be available.
If someone is already in care, and spending savings down to Medicaid impoverishment, there may be a way to protect some of those savings for family that fits Medicaid rules. No matter what the health or financial situation, there may be a plan for you.
You do not need to go to a seminar to investigate how you might find such help. We can talk on the phone, or you can come by my one-person office (I have not been outside of Wisconsin since February 1). It is important to call ahead to schedule a meeting to investigate.
For those of you who realize that your IRA and 401K has shrunk considerably, and you do not feel wealthy enough to pay for $50,000 to $90,000 a year of care out of pocket, you might consider investigating Long Term Care insurance for yourselves. It can pay for years of care and save your wealth to pass on to heirs, instead of spending it for your nursing home care.
This is my 27th year of doing Long Term Care planning exclusively. Many of my clients come by referral from financial planners and attorneys all over Wisconsin. You can check me out at www.TheLongTermCareGuy.com, Call me at (920) 884-3030 to schedule a visit or just ask questions.