Long Term Care
It’s more likely to occur than you think.
Did you know that over 70% of people over the age of 65 will spend some time in a long term care facility? That is a staggering number. The cost of that care is amazingly high. Assisted Living in northwest Arkansas runs anywhere from $3500 to $6000 per month. Nursing homes run from $5500 to $7200 per month. This can devastate even large estates. It is ALWAYS better to plan ahead than to wait until that time is upon you.
How do you pay for that care?
There are 3 different ways to pay for long term care expenses.
The first is simply out of your current savings and investments. This is sadly how many people pay until they are destitute and many times it doesn’t have to be that way.
The second way is to have insurance pay the cost of care. However, long term care insurance can be difficult to get and is impossible to get it you wait until the time of need. By the way, my office works with specialist in long term care insurance. I am licensed to sell insurance but I don’t sell to my clients but I can definitely discuss it with you and then put you in contact with those who do sell.
Finally, the most common payor of long term care is Medicaid and VA’s Aid and Attendance benefits. These benefits are only available once the person qualifies medically and financially, plus a time of service for the Veteran’s benefits. Many people think they are not qualified for this benefit, and they are probably correct. However, just like a CPA can help you get the most out of the IRS’s rules, I can help you get qualified and preserve a large part of your estate and still get your long term care expenses paid for, totally or in part, by Medicaid and/or VA. Please give us a call if you are looking at the need for long term care. Waiting can truly cost you dearly when there is probably something that can be done to protect what you have worked so hard to get your whole life.