is a classic good news/bad news topic.
good news is that there is a federal program that will
pay for the majority of your long term care expenses.
The bad news is that you must essentially be broke to
will pay ...after you've spent the majority of your
assets paying the huge cost of long-term care. If you
haven't priced it lately, it's running about $50,000
a year and going up at least 5% annually
$50,000 into your gross estate to determine how many
years before Medicaid will help out.
"spending down" is the most efficient plan.
The cost of long-term care coverage is relatively expensive.
$300-$400 a month for a husband and wife is common.
Yet you could spend that much premium for twenty years,
and it would still only take about 3-4 months in a nursing
home to use up a comparable amount of your cash.
expensive because there's no alternative to it. Medicare
will pay for the first twenty days, and a portion of
the next eighty days. A Medigap supplement will pick
up the difference for that eighty day period. That's
it...100 days...and even that is contingent on having
been in the hospital first.
you have any hope of conserving your estate, and leaving
any legacy to your children, LONG-TERM CARE coverage
is the only answer.
fill out our short form for a no-obligation quote.