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Blog > Long Term Care Planning > Advance Planning vs. Medicaid Planning for Long-Term Care


Advance Planning vs. Medicaid Planning for Long-Term Care

Stack of folders and a calculator
May 20, 2020 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 while preserving your assets in the process. It allows you to find a solution well before nursing home care is needed. Since long-term care affects most seniors, it’s better to secure your financial future sooner rather than later. Advance planning can give you peace of mind knowing you can pay for the nursing home should you require skilled nursing care. Plus, with options that can be tailored to each unique situation, you have more flexibility to plan for the care you want.

What is Medicaid Planning for Long-Term Care?

Although advance planning is always recommended, the reality is that many seniors do not plan ahead for long-term care. Medicaid planning happens when an individual is currently in or about to enter the nursing home and has no prior long-term care plans. Fortunately, if you’re in a Medicaid planning situation, you do not have to lose everything to the nursing home 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: no matter 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. To learn more about what you can do, reach out to our team at Senior Care Counsel.

Watch Now: Advance Planning vs. Medicaid Planning

 

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