You worked hard all of your life to pay off your mortgage and build a retirement fund. You expected to live off your savings in the comfort of your own home, and you planned to leave something to your kids at the appropriate time. Suddenly, the unthinkable happens–you suffer a stroke at age 70 and must spend the rest of your years in a nursing home. What will happen to your life savings?
Many nursing home residents end up depleting their assets on long-term care. It doesn’t have to be that way. The best time to plan for the possibility of nursing home care is when you’re still healthy. By doing so, you may be able to pay for your long-term care and protect assets for your loved ones. How? Through Medicaid planning.
If Medicare insurance runs out or is not sufficient to meet the medical or daily care needs of an individual, Medicaid may be available. Medicaid is a Federal Government program now administered by states but funded by both Federal and state support. Like most government-oriented programs, the bureaucratic process of application and approval is daunting and complex. It is not recommended that an individual undertake this process on their own.
More to come…