This blog post is designed to provide general information on the subjects covered. It is not, however, intended to provide specific estate planning, insurance, tax or legal advice. Please note that LTC Consumer and its representatives do not give financial planning, tax or legal advice. You are encouraged to consult with your tax advisor or attorney concerning your own situation.

The Spooky Truth About Not Having a Long Term Care Plan

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Have you created a long term care plan for your future? It’s frightening to realize 70% of people will need long term care services due to a physical or cognitive impairment as they age. With these odds, the best way to prepare for the future is to make a plan for long term care before you need it. Here’s the spooky truth of what could happen if you don’t make a long term care plan.

Scary Surprises for the Whole Family

If your family hasn’t had the long term care conversation yet, an unexpected long term care event could lead to scary surprises. Being prepared and talking with your family about your wishes can help everyone to understand their role and what to do when care services are needed. Save your family from a scary long term care surprise by planning now.

Frightening Bills for Long Term Care Services

The average cost of assisted living in California is over $48,000 per year. If you want to receive care at home, the average cost of home care services in California is nearly $57,000 per year. Not everyone has enough funds set aside to pay for a year or even several years of care.

While the average annual costs of care seem high now, these costs will continue to rise each year with inflation. By the time you may need care, these averages could double. With any good long term care plan, consider how you’ll pay for it. Find out if Long Term Care Insurance may be right for you.

Ghostly Medicaid Spend-Down Requirements and Services

Many people plan to rely on Medicaid to pay for their care. But what many don’t realize is Medicaid requires you to spend down to $2,000 to be eligible*. The spend-down requirements leave an individual with little else besides assets.

In addition, Medicaid services can be limited to certain facilities or rooms. Medicaid may not offer the level of care and service you would prefer to have when experiencing a long term care event.

Hair-Raising Aggressive State Recovery Programs

If the state pays for your care through Medicaid, many states have aggressive asset recovery programs to ensure they will be paid back. This means they could come after any assets remaining in your estate after you pass away. The family home, property and any other assets of financial value could be seized by the state.

Startling and Stressful Last Minute Decisions

Long term care events can be stressful times for families. If care is needed quickly, this can lead to rushed and last minute decisions. When you create a long term care plan, you get to choose where you prefer to receive care (at home or in a facility) and decide how you’ll pay for it. This advanced planning helps reduce the stress and confusion of your family helping make these decisions in a rush.

Have you made a long term care plan for your future? Now is the perfect time to start. Get an instant LTCI quote online today.

*May vary by state.

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