Are you playing Russian Roulette with your Long-term Care?

The Risk - Every day 10,000 Americans turn age 65. Approximately sixty percent of Americans will need some type of long-term care in the future. Medicare pays little to nothing for long-term care. It's sad but when you have the greatest need for care - you are not covered by Medicare. 

How much does long-term care cost? The average cost of long-term care is approximately $6,800 per month in North Carolina.

Who is directly in the line of fire?  People with assets under a million.

Why are people with assets under one million more at risk? Because they cannot afford to self-pay nursing home costs of approximately $6,800 per month without wiping out their savings and subjecting their home, usually their biggest asset, to Medicaid estate recovery.

Why can't I just give away my assets to qualify for Medicaid long-term care? Giving your property away can result in penalties if you apply for Medicaid and go into a nursing home within five years of the gift. Additionally, if you are still living in your home and deed it to a child, you may literally lose the roof over your head to your child's divorcing spouse or creditors. 

Why Should I Pay an Attorney to Apply for Medicaid long-term care for Me? Medicaid long-term care qualification rules are complicated and the worst thing you can do is to apply for long-term care off-the-cuff without consulting with an elder law attorney first. A mistake in your application, the spend-down, or the timing of your application can cost you much more than the amount of the attorney fee. Filing an application without the necessary advance planning can result in months of unnecessary disqualification and penalties.

What can you do to protect yourself?  Take action immediately by planing now for long-term care. There are several legal options available, including Medicaid Asset Protection Trusts. To get the most protection, you must start planning as early as possible in order to avoid the Medicaid Five-Year Lookback. 

If you'd like more information about how to protect yourself from nursing home poverty, we have three ways to learn more.

1.) You may attend one of our fun and informative, no-obligation long-term care events to learn more about Medicaid trusts and other options to protect yourself.

2.) Read our blog posts about long-term care and take our estate-planning deficiencies checklist to see if it's time to update your estate planning documents. Here are some recommended posts about Medicaid planning.

3.) Schedule a consultation to speak with our elder law attorney about your particular situation and the legal strategies best suited for you and your family.

You're not alone - we're here to help! call 704.887.5242 to schedule a long-term care strategy session.

Nancy Roberts
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