LTC Financing Strategies
Why Medicaid Long Term Care is a Bad Choice
Many people don’t realize that, in addition to traditional health care, Medicaid actually pays for most long-term care (LTC) in the United States. In fact, less than 40% of Medicaid dollars are used to pay for traditional health care. The small portion of Medicaid recipients (just over 20%) whose long-term care services are paid for by Medicaid use over 60% of the Medicaid budget dollars.… Read more...
What Can I Do About Long Term Care?
Long term care is very expensive. Few people are prepared for the cost when they determine they need care. Fortunately, there are ways to deal with the bills even if you do not have much money.
Medicaid requires beneficiaries to spend all savings and other assets down to impoverishment before they will pay for care.… Read more...
How to Use Untaxed Dollars to Cover Long Term Care
You may have heard that Long Term Care insurance (LTCi) premiums can be tax deductible. But (and there is always a but), there are restrictions.
LTCi premiums are fully deductible on your Wisconsin income taxes, regardless of whether you itemize taxes, how much or how little your taxes are, or whether you have enough other medical deductions.… Read more...
What’s it Really Like Paying for Long-Term Care
As written by Michelle Singletary and published in the Washington Post on November 26, 2018
One of my favorite Spock quotes from the Star Trek television series is, “Live long and prosper.” Who doesn’t want a long life, right?
But what if the longevity means spending down your money for long-term care?… Read more...
Observations from a Recent Hospital Stay
Recently, I was an inpatient in a hospital after having surgery. While there, I visited with a number of nurses and CNAs (certified nursing assistants) while they were caring for me. Nearly every one of the CNAs had started their careers in a long-term care (LTC) facility.… Read more...
Will Your Children be Paying Your Bills?
A recent survey by TD Ameritrade found that 13% of American adults are financially supporting their parents. It appears to be a growing issue. According to their survey, 19% of millennials are helping pay their parents’ bills, compared to 13% of Generation Xers and 8% of baby boomers. … Read more...
Go Broke without Long-Term Care Insurance
Bob and Tom are twin brothers. They have done well in life and saved for retirement in an IRA. They each have $1,000,000, they are both married, and are now age 80. Oh, and Tom bought long-term care insurance at age 60, a benefit of $60/day for 10 years including 5% compound inflation on that benefit.
May is Disability Awareness Month – Does Long Term Care Keep You Up at Night?
Becoming disabled from sickness or accident and unable to work is a significant problem for many. Once retired you might think this is no longer a concern.
But what if you became disabled enough to need assistance with bathing, or dressing, or moving about (arthritis)? … Read more...
Think You Are Too Young To Worry About LTC? Think Again!
I just read that the Centers For Disease Control and Prevention (CDC) says “The percentage of adults aged 45 to 64 years who reported needing help with activities of daily living such as eating, bathing, dressing, or getting around inside their residences has increased nearly 50% from 2000 to 2015. … Read more...
Alzheimer’s Is Expensive
Alzheimer’s Disease is the 6th leading cause of death in America.
By age 65, one in eight has it. By age 75 it’s down to one in four, and by 85 fully half of us already have it. If you live long enough, its almost inevitable. … Read more...