Debunking Long Term Care Myths 

Did you know that the cost of a nursing home 

stay would wipe out the majority of 

Americans in less than two years? 

                                 Focus on Long Term Health Care 

Biggest Problem - We Don't Realize it Yet! 

Nursing homes costs are running $35,000 to $95,000 a year and more. Government statistics estimate that the chances of a person age 65 having to enter a nursing home is 33% for men, and 50% for women. A person age 75 has a 7 times greater chance of a nursing home stay than someone age 65 and increases to 14 times greater at age 85. At these costs and odds, its downright scary. 

The new laws are getting very tough for people attempting to transfer assets to qualify for Medicaid.  There are stiff financial ineligibility requirements for those who give assets away and then subsequently apply for Medicaid nursing home benefits within 3-5 years after making the gift. As Former Deputy Commissioner of Virginia and in writing the Long Term Health Care Insurance laws in Virginia, I spoke before congressional and state legislative committees about this growing issue... 

Nursing home expenses and long term care is a urgent problem that could wipe out 50 years of hard earned savings in just 1-3 years. 

Home health care can turn out to be far more expensive than a nursing home stay. Around the clock home health care could run up bills in excess of $2-10,000+ a month. You need to realistically discuss all long term options with family and then an elder law and estate planning attorney. For example: 

24 hours x $9.00 = $216 daily x 30 days = $6,480 a month. At $12.00 an hour the monthly cost would be $8,640. These costs are in addition to medical, prescription and other health care expenses. Compare these costs to $3,500-4,000 monthly average nursing home expenses. 

It is important to tailor the specific needs of the patient with the highest quality and most affordable type of care and is an individual decision for each family. 

What can you do? 

Seek proper and essential estate planning with a team of professionals to include provisions for Long Term Care Protection to the extent that you can! 

Hope for the best and plan to safeguard for a long term care possibility. 

Set up legal and financial strategies to avoid the staggering cost of a nursing home stay from taking your life savings. 

Preventive Asset Protection Strategies with Proper Estate planning is "A BETTER CHOICE"!

 
• Order the Chart Your Course Estate Planning Workbook