Here are some things to consider on Long Term Health Care Costs and Medicaid.
1. You can often qualify for Medicaid even if you don’t think you can.
2. You should plan as early as possible to maximize the benefits.
3. You often want to have enough money to private pay in a Nursing Home for a year or two.
4. You should have professional help for a Medicaid Application.
5. Trusts can save your home and your money.
6. You need plan carefully for IRA’s and 401K’s.
7. You need to choose your Trustee carefully.
8. Annuities can save a lot of money.
9. You can use caregiver agreements and have your relatives help.
10. Use a Power of Attorney.
11. Don’t let your Long Term Care Policy lapse.
12. Simplify your bank accounts and stocks.
13. An attorney can help you save a lot of money.
14. Long Term Care Insurance can help, but may not solve all your problems.
15. The wait and see approach can result in a huge loss of assets.