Proper Medicaid Planning Is Essential for Long-Term Care

The National Institute on Aging reports that roughly 70 percent of American over the age of 65 will need some type of long-term care. If that isn’t shocking enough, the NIA reports that over 40 percent of Americans will need some type of nursing home care at some point in their life. You may be thinking, “What’s the big deal?” Well, considering the fact that the annual cost of long-term care at a nursing home is over $100,000 per year, the “big deal” is financial – the cost of care could quickly wipe out your savings leaving you with very little, or nothing, to pass on to your loved ones. Typically, people pay for long-term nursing home care through one, or a combination, of these methods: (i) long-term care insurance; (ii) retirement funds; and/or (iii) Medicaid. In my experience, I have found that better results are achieved for the family if they...