“A Woman’s Guide to Long-Term Care”

“A Woman’s Guide to Long-Term Care,” by Michael Aloi, Kiplinger

Quote:

“Spending down an estate to qualify for Medicaid is one way to pay for long-term care, but it’s not ideal in my opinion. The risk the facility you want is not available for Medicaid recipients looms large. Also, to qualify for Medicaid may leave you financially destitute, not ideal after a lifetime of working. Finally, the rules for Medicaid can change. For some, Medicaid is the only option. For others, who have time on their side and the resources available, now is the time to start planning. … I may recommend in this scenario some combination of both – self-insuring and purchasing a small long-term care policy. The long-term care insurance is a backstop – preventing her from completely depleting her nest egg in the event of a long, protracted illness. Some states also offer “partnership plans.” A partnership long-term care plan is a private insurance policy with a special perk. The plan allows an individual to keep some of the nest egg and still qualify for Medicaid.”

 

 

LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:

Some rare good advice from Kiplinger, which has lately published articles at least inferentially encouraging Medicaid planning.