How to Protect Assets from the Nursing Home
If you or a loved one needs to enter a nursing home, you might be worried about losing your nest egg paying the monthly bill. The unfortunate reality is that more than half of seniors will not have enough financial assets to cover their long-term care costs and risk exhausting their life savings in just a few years. Fortunately, with the right guidance, resources, and strategies, you can safeguard your assets and preserve them for your spouse or future generations.
The Key: Long-Term Care Planning
Whether you or your loved one is planning ahead for a future long-term care need or about to enter a nursing home, it’s not too late to plan. In fact, planning is the only way you can protect your hard-earned assets from the nursing home or other long-term care facility. You have two options to plan for your care—advance planning or Medicaid planning.
Advance Planning vs. Medicaid Planning
|Advance Planning||vs.||Medicaid Planning|
|At least 5 years before requiring long-term care||Timing||Already in a facility or about to enter one|
|Mostly independent, may require assistance with a few tasks||Dependency on Help||Mostly dependent, requires assistance with most daily activities|
|Purchase Long-Term Care Insurance or fund an irrevocable asset protection trust||Planning Strategies||Purchase a Medicaid Compliant Annuity to preserve assets and accelerate eligibility for Medicaid benefits|
Long-Term Care Planning Strategies
With advance planning, you have more options to protect your assets from a nursing home or other care facility. The most common strategies are to purchase a Long-Term Care Insurance policy or fund your assets into an irrevocable trust. With Medicaid planning, however, you’re more limited. But it’s important to remember that it’s still not too late. You can purchase a Medicaid Compliant Annuity to preserve your savings and accelerate your eligibility for benefits.
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