“Long-Term Care Planning: What Advisors Should Know”

“Long-Term Care Planning: What Advisors Should Know,” by Ginger Szala, ThinkAdvisor

Quote:

“Long-term care planning should start as soon as someone is diagnosed with dementia. … Therefore, the family needs to plan for a minimum of two years of care, at a cost $100,000 a year or more, and ‘they should have a cushion at the end of $500,000.’ Further, Medicaid has a five-year lookback, so ‘as soon as someone is diagnosed with dementia, that’s when you need to start the planning.’ Regarding long-term care insurance, McClanahan noted that policies today have had ‘devastating premium increases,’ but the general premise is ‘if you can afford it, get it,’ for better long-term care.”

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

Great advice, huh? Start planning for LTC at the first signs of dementia by transferring assets so you can qualify for Medicaid. Buy LTC insurance if you can afford it after you need it, when you’re not eligible based on health. Who comes up with this nonsense and how does an editor let it get into print?