“Debunking Five Common Myths About Long-Term Care Planning,” by Kara Gansmann, WilmingtonBiz Insights

“These misconceptions are worth revisiting to debunk them once and for all. . . .

Myth 2: I have to spend all my assets to be eligible for Medicaid.

Families may choose to spend all their assets on care.  Elder law attorneys determine the best approach for each family by considering the needs of any at-home spouse, the amount of time available to plan, the family’s goals, and the types of assets. By using tools like trusts and annuities, families can preserve assets and still qualify for Medicaid.” (Emphasis added.)

 

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

It’s naïve to think people believe they have to spend their life’s savings on long-term care. They read articles like this one in a hometown newspaper for decades before they need LTC and then their path of least resistance is to accept Medicaid, despite its shortcomings.

Debunking Five Common Myths About Long-Term Care Planning

#long-term
#goldencareagent