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Long Term Care Planning Class


In a perfect world, the Best Long Term Care Plan for Married Couples This plan is short to the point and some of the words you will not understand unless you attend my class or Google the terms. There are many exemptions and exceptions, but if I was a married couple I would consider for the least cost and the best asset protection of my estate if either needed (Long Term Care). 1. At a minimum; Buy on each couple a 2 year “Shared”, “Partnership approved”, “Survivorship” “Traditional” Long Term Care Insurance policy with enough benefit to cover 2/3rd of the total current daily Nursing Home cost ($330 a day) with 3% - 5% inflation protection. 2. Rely the Medicaid rules never change and down the road if one spouse needs care decide to file a claim on their policy or do not file a claim at that time. Most facilities want 2 years of private pay money before they will allow you to go on Medicaid while there. Reason for the 2 years of the LTC insurance each. Then in 2 years shift all the assets (See my “Myths of Medicaid”) to the healthy spouse and have the ill spouse go on Medicaid. Now the healthy spouse has all the assets to keep an eye on their spouse on Medicaid and has choices to take them off Medicaid if not working out well or to Private Pay. When that spouse passes there is no Medicaid recovery under current law when done legally and financially by a Medicaid Specialist Attorney and a Financial Medicaid Planner. 3. Now the healthy spouse could have 4 years of the combined LTC policy benefits and most of all the assets net worth. 4. Down the road now the healthy spouse needs care, so they use the 4 years of benefits of the combined LTC policies. 5. Just before the policy runs out paying for your care you file for Medicaid and use the “Partnership rules” of the policies and the “Partnership form” on line under the HCS web site and the Medicaid application to state what assets you wish to protect up to the amount of money your Partnership policy paid out (let’s say $300,000) in benefits and then you would private pay until you hit that exempt dollar amount ( $2000 single Medicaid standard + $300,000 ) and now you are on Medicaid and have $302,000 left to do with whatever you wish. You can use it to 1. Protect your home from a Medicaid Lien 2. Have the assets to upgrade your care on Medicaid to not just have $58 a month of income left. 3. Pass the assets to your children before or after you pass away. This is huge because many want to give assets to their children ASAP and there is a 5 year look back if you do without Partnership Protected LTCI insurance. And you thought this was simple? This is based on the 2017 Medicaid and Long-Term Care Insurance regulations and benefits.