How to prepare for long term care

On average, a 2-3-year nursing home stay will cost $240,000, so it is no wonder why this becomes a significant concern for the aging. 

The best time to start thinking about long-term care is way before you need it.

Planning can help you and your loved ones avoid costly mistakes and can help you avoid losing your entire life savings to long-term care costs. 

Get legal advice.

Talk to an Estate Planning attorney to have a legal plan drafted for you that offers the most asset protection available under state laws. 

Invest in Long Term Care Insurance.

Long term care coverage will help offset the cost of nursing home care in the event you need it. The earlier you buy the insurance, the cheaper the rates are, so early planning may be critical.

Long-term care insurance is not without pitfalls, though, and careful consideration should be given when evaluating terms and conditions of policies and the rates at which premiums may rise. 

Have family discussions early.

Long term care planning should be discussed with your loved ones early before a crisis arises in your family. If you are lucky enough to have a family member that can provide care for you, those plans are best made in advance. 

Take advantage of benefits if you are a veteran. 

If you or your spouse served in the US Military, there might be government benefits available to you to help offset the cost of your care. 

Avoid giving cash gifts.

As you or a loved one age and the possibility of needing long term care approaches, avoid giving cash gifts to friends and family. The giving of such gifts can disqualify you from being eligible for Medicaid under state and federal laws. 

In Conclusion

Plan ahead to avoid losing your life savings. Contact us if you want to learn more. 

We specialize in educating and helping you protect what you have for the people you love the most. Contact us to learn more about how we can help you and your family.

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