Medicaid Readiness
Often times mom and/or dad fail to buy enough (or any) Long Term Care Insurance when it is affordable during their younger ages… This means, they may need to significantly spend most of their money before becoming Medicaid eligible.
Medicaid Considerations
It’s a shame to hear people say: “Mom’s in a nursing home, and in about 10 months or so she’s going to run out of money and can then go on Medicaid.”
They haven’t discovered alternative approaches to qualify for Medicaid without becoming impoverished.
There is often a better way! 7DF associates and professional legal contacts have been working to preserve seniors’ assets while still qualifying for eligible benefits.
Long Term Care Issues
Beyond “No Market Risk” deposit accounts, 7DF offers Long Term Care policies which help to offset nursing home costs in one’s older years. Yes, you can protect yourself against the high costs of maintenance and skilled care, when those needs eventually manifest themselves.
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Common Questions About Medicaid Readiness
Afraid so! Almost half of all seniors shall require some form of “Long Term Care.” Many, having families unable to care for them, find themselves in a skilled nursing facility.
At the time of this writing, the cost of Long Term Care runs about $100,000 per year.
The client (resident) is responsible for these costs.
If you’re in your 60s or even 70s, you could purchase a Long Term Care policy. Many of these policies are happy to pay benefits even if you stay in your own home – being cared for by others, even a family member can be paid for these services.
Then you’ll have top “private pay” with your own money until you qualify for Medicaid benefits.
Good news… Many times there are legal, ethical, and moral ways to preserve some of your wealth while still qualifying for certain government-sponsored benefits.
Often times it makes sense to look ahead toward this possible health event or period in one’s life, skillfully making the best decision to preserve family wealth, as, and if that day comes.
Call your 7th Day Financial expert for an exploratory meeting today!
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