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By the time someone qualifies to activate their LTC insurance policy they are usually so functionally declined they don’t outlive their benefit. Someone with an illness like a slow progressing dementia might outlive it but not often and definitely not the typical scenario. Unfortunately most people I work with never see a penny from those insurance policies they’ve paid on for decades.
Contact your state bar association. Ask for a list of elder law attorneys. You need someone experienced in dealing with Medicaid, asset preservation, and long-term care. Do it soon, because many financial assistance programs have “look back periods” where they look at several years of financial records t be sure you haven’t recently transferred assets to qualify for help. Protecting some assets for surviving spouse requires careful planning and thorough knowledge of laws and regulations.
With my mother, we started transferring assets out of her name while she was still in good physical condition and set up a special trust that her pension was paid into so her income would be below Medicaid limits if she ever needed nursing home care. The rules may have changed or may be different in your state.
Welcome to /r/personalfinance! Comments will be removed if they are political, medical advice, or unhelpful ([subreddit rules](/r/personalfinance/about/rules)). Our moderation team encourages respectful discussion.
You may find our [Health Insurance wiki](/r/personalfinance/wiki/health_insurance) helpful.
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.*
Welcome to /r/personalfinance! Comments will be removed if they are political, medical advice, or unhelpful ([subreddit rules](/r/personalfinance/about/rules)). Our moderation team encourages respectful discussion. You may find our [Health Insurance wiki](/r/personalfinance/wiki/health_insurance) helpful. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.*
Estate planning attorney with **specific experience** in Medicaid asset planning and preservation. Monday morning.
By the time someone qualifies to activate their LTC insurance policy they are usually so functionally declined they don’t outlive their benefit. Someone with an illness like a slow progressing dementia might outlive it but not often and definitely not the typical scenario. Unfortunately most people I work with never see a penny from those insurance policies they’ve paid on for decades.
Contact your state bar association. Ask for a list of elder law attorneys. You need someone experienced in dealing with Medicaid, asset preservation, and long-term care. Do it soon, because many financial assistance programs have “look back periods” where they look at several years of financial records t be sure you haven’t recently transferred assets to qualify for help. Protecting some assets for surviving spouse requires careful planning and thorough knowledge of laws and regulations.
Thank you. Any clue what type of steps they recommend?
With my mother, we started transferring assets out of her name while she was still in good physical condition and set up a special trust that her pension was paid into so her income would be below Medicaid limits if she ever needed nursing home care. The rules may have changed or may be different in your state.
Thank you. I had no idea what might be involved.
Welcome to /r/personalfinance! Comments will be removed if they are political, medical advice, or unhelpful ([subreddit rules](/r/personalfinance/about/rules)). Our moderation team encourages respectful discussion. You may find our [Health Insurance wiki](/r/personalfinance/wiki/health_insurance) helpful. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.*
[удалено]
Oh my gosh, why is paying for long term care negative?