Advance Planning vs. Medicaid Planning for Long-Term Care

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April 23, 2024 Long-Term Care Planning

When planning for long-term care, you essentially have two options. You can either plan ahead when you’re healthy or wait until you fall ill. Planning in advance allows you to take certain measures in case you require long-term care in the future, while waiting typically requires qualifying for Medicaid in order to pay for care. Regardless of the type of planning you’re doing, we can help. But first, let’s explore some of the key characteristics that separate advance planning and Medicaid planning.

What is Advance Planning for Long-Term Care?

Advance planning is the most efficient way to plan for long-term care and preserve your assets. It allows you to find a solution well before you need care. Since most seniors will require long-term care at some point, it’s better to secure your financial future sooner rather than later. Advance planning provides peace of mind knowing you can pay for the care you need when you need it. Plus, advance planning offers multiple options that can be tailored to each unique situation, giving you more flexibility to plan for the care you want.

What is Medicaid Planning for Long-Term Care?

Although advance planning is the best way to protect your financial future, the reality is that many seniors do not believe they will require professional care and, therefore, fail to plan ahead. Medicaid planning happens when an individual is currently in or about to enter a facility and has no prior long-term care plans. Fortunately, if you’re in a Medicaid planning situation, you can still preserve what you have left! You don’t have to lose everything in order to qualify for Medicaid. Medicaid planning involves legally arranging certain assets to comply with the program’s rules while also saving your money.

The good news: whether you’re planning ahead or in the midst of a crisis situation, you have options. You don’t have to lose your life savings paying for care.

Tell us about your situation!

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"Paying for Long-Term Care - The Essential Senior Guidebook"

This guide takes a deep dive into the landscape of long-term care and how to pay for it without going broke, including the answers to your top questions surrounding Medicaid.

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