Long Term Care Insurance

Long term care insurance is right for people who have assets to protect. Those assets include, retirement savings of all forms, cash, life insurance cash value, homes, cars and anything that can be sold for value. (IE. jewelry, etc) If you have any of the above then you should consider long term insurance. The risk of paying for your long term healthcare should be passed to an insurance company. In long term care planning you will need spend down most of your assets you worked your whole life to accumulate before Medicaid will pay for your care. The current look back period for Medicaid qualification is 5 years. Also, your family should be able to choose the facility and type of care you receive. As with all insurance, the longer that you wait, the more expensive it can be. Contact us for a free quote and consultation. (If you have had health challenges , then new changes to the Pension Protection Act will allow for a linked benefit annuity to payout for care in a long term healthcare facility.)

Medicaid Planning

41% of American end up using medicaid to help pay for their long-term care. Many people feel that with proper "Medicaid Planning" they can use federal assistance to help cover their long-term care needs. Here are some things to consider: giving away money may be subject to gift taxes if above allowable limits and this can be far more costly in the long-run than long-term care insurance. The senior will loose control of their assets by giving them away and may need to end up asking family to give them assets back as needed. As of the end of 2008, a spouse may currently only keep one home, a car, a small amount for final expenses, $104,000 in financial assets, and $1,711 a month in income total. Any annuity values and income may also be kept in addition, but after the spouse dies the feds keep enough money to reimburse themselves for their pay-outs. This can deplete inheritances greatly. Medicaid protects the poor, it is not designed to help the middle and upper class.