Many people who have an estate plan fail to properly address long-term care planning. By "long-term care," I mean care at a nursing home or similar facility. Such care is expensive, routinely costing over $100,000 per year. If you don't have long-term care insurance, you will either have to devote a substantial portion of your retirement funds to paying for the care, or you can properly allocate your assets so you qualify for Medicaid without having to be virtually broke.
Check out this article for more info:
http://insightlaw.net/bobbys-blog/proper-medicaid-planning-is-essential-for-long-term-care
1 comment:
I agree. Long term care costs is very expensive. People should never underestimate its costs and its ability to downgrade your financial capabilities. It is hard to sustain long term care needs if you are not prepared. Preparation is the key to avoid the debilitating effects of long term care to your finaces. One of the solution and protection, as you have mentioned, is long term care insurance. According to www.ltcoptions.com/long-term-care-insurance/what-is-long-term-care-insurance, the risk of long-term care is very high as well as its cost thus, it is a smart move to protect yourself, your finances, and especially your loved ones with this kind of insurance plan.It will give you a sense of security and peace of mind.
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