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Medicaid Planning

What Can I Do About Long Term Care?

Long term care is very expensive!

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...

What’s it Really Like Paying for Long-Term Care

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...

Who is Going to Pay for Your Funeral?

Who is Going to Pay for Your Funeral?

Asking who is going to pay for your funeral might seem like a silly question–you probably have money in savings, a vehicle, a house, even life insurance.  There should be plenty of money to pay this bill, right?

The problem is, you are gone, so now who has access to your assets?

Read more...

Do You Have A Gap In Your Plan?

Hopefully you have planned and saved to have an income you can live on in retirement.  You planned to use Medicare and either a traditional supplement or a Medicare replacement plan (advantage)  to cover health care costs.  Hopefully your other available income can be used for basic living expenses, travel, and some fun.… Read more...

“Mind Your Own Business”

“Mind your own business”. How often we have said that to our children or other heirs. That statement does not help those trying to help you when you can no longer handle your affairs on your own.

It is very important that you make the caregivers, or power of attorney aware of what resources you might have.… Read more...

How Your Home Can Help You Pay For Long-Term Care

Yes, it is possible for your home to help pay for your Long-Term Care (LTC) and possibly help keep you in your home longer.  For many seniors, the home equity is their largest asset.  Using that asset to help keep you at home versus in a LTC facility can make sense. … Read more...

Hiring Help For Mom

Reprinted from the Washington Post Carolyn Hax column

On Abruptly Facing An Elderly Relative’s Need For Care

I sometimes supplement my income by senior-sitting those in need of temporary help.  Recently, a family offered me a position to live 24/7 in their mother’s home as her aide, caregiver, housekeeper, cook, laundress, hairdresser, chauffeur, med-tech, and personal care provider. … Read more...

LTC Planning, No Matter The Situation

If Long Term Care (LTC) is needed, but not planned for, there are a number of options to make the money last longer or protect some of it.  The best and least expensive way to handle this would have been to purchase LTC insurance while still healthy, preferably in your 40’s or 50’s.… Read more...

How To Care For Two Parents at Once Without Going Broke

“The biggest challenge of all is holding onto your patience.”

Reprinted from Money Magazine

For years, Madeleine Smithberg has been at the forefront of American comedy as co-creator of “The Daily Show” and a talent coordinator for “Late Show with David Letterman.”

That sense of humor was especially handy during the last few years.… Read more...

The Long Term Care Guy