What are my options for paying for  

 long-term care? 

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You have three options as of today:  

  -   Personal assets

  -  Spending down or gifting your assets to qualify for Medicaid

  -  Transfer risk to long-term care insurance

Do you want to spend a lifetime of savings for your care? Most people would say "No!" You have worked too hard to accumulate your assets and probably want to pass them on to your heirs or a charitable cause you have chosen. Here is a list of assets or programs that you may have for Paying for long-term care services

Do you want to spend down or gift away your assets in order to qualify for Medicaid?  Medicaid is a government welfare program that will pay for long-term care expenses for those who are truly indigent, as in having assets totally less than $2,000 by today's standards. Medicaid rules are constantly in flux and have just been expanded to include a five-year look-back period for qualification. However, should you qualify for Medicaid, you will lose control of where you receive care. Most long-term care service providers have policies that limit or prohibit care for recipients of Medicaid.  Here are the rules for Qualifying for Medicaid.

Why should I consider buying long-term care insurance? It allows you to place the risk of your future long-term care costs with an insurance company for the premiums that you pay over your lifetime.

What will long-term care insurance do for you? When you qualify to go on claim, it will provide 

  -  Protection of your assets

  -  Allow you to avoid dependence on others - both family and friends

  -  Greater control over where and how you receive care when you need it

  -  Peace of mind that your long-term care costs have been largely paid for

What about the bad news I have read in the past? Long-term care insurance has come a long way since its inception fifteen years ago. Now policies are very carefully regulated by the States and the Federal government and can be customized to cover a wide array of services.  You need to carefully research the features that each policy offers and make an informed decision...learn more

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Senior Care Concepts, 2008