top of page

Long Term Care Planning

Smiling Senior Couple

As we age long term care is a possibility.  In fact, 7 out of 10 people over the age of 65 will need long term care whether it be assisted living or nursing home care.  Generally, there are three ways to pay for long term care: 1) self pay, 2) long term care insurance and 3) government programs. 

SELF PAY

The cost of nursing home care ranges from $6,000 to $7,000 a month or more, With those numbers, most middle class families can't afford to pay for care without depleting their life savings in a few years.  

 

LONG TERM CARE INSURANCE

For some families long term care insurance is an option.  However, the older you are when you apply for a policy the higher the premiums are.  So for many the cost of long term care insurance may be prohibitive.  Depending on your financial situation we can provide you with options on long term insurance providers.

GOVERNMENT PROGRAMS

The payor of last result is Medicaid.  To be eligible for Medicaid you must meet strict income and asset rules.  If you have worked hard, been frugal, and saved for the future you may not qualify for Medicaid.  However, we can still help you qualify and protect  your hard earned assets. 

Medicaid eligibility.jpg
bottom of page