Once you complete a HALO, you can determine how to achieve the planning targets highlighted and which of the four available ways to pay for or receive care is most appropriate and suitable for you or your loved ones.
If there are insufficient assets to cover the potential cost of care, there must be a determination whether siblings or adult children should become part of the discussion. Are they willing or able to accept the physical, financial, or emotional responsibility role as a caregiver in the future? It can become quite clear how there are seen and unseen events that make this a potentially disastrous planning scenario.
If insufficient assets cover the potential liability, plans should be set in motion to qualify for Medicaid should care be needed. This would include recognizing that "Aging In Place" is unlikely and a "spend-down" of assets - based on the state of domicile - will be necessary to become eligible. An estate planning or elder law attorney should be consulted to draft necessary documents and address any legal ramifications.
You might think "self-funding" is a logical way to cover potential LTC expenses not covered by Medicare, your Medigap plan, or health insurance. However, regardless of the size of your asset base, there are many reasons why self-funding may not be your best strategy. If self-funding remains your intention for future care needs, the essentials of Self-Funding LTC should be considered to make it viable planning.
There are insurance solutions for LTC Planning that efficiently and effectively enhance a self-funding strategy. This is accomplished by reallocating or repositioning a small percentage of your existing resources to transfer all or some potential future liability. This option can be helpful for several reasons and may be more cost-effective than you might think.
For high school sweethearts Thomas and Lorene, family is more important than anything. After caring for their own parents, both realized the importance of easing the strain of caregiving for their own children and how having a plan in place could help. Watch Thomas and Lorene's video to hear their full story......
A brief video to explain your true risk exposure to Long-Term Care....
Suze shares her personal experience of expensive around-the-clock care she funds for her mother. Suze suggests implementing a Long Term Care Plan before retirement, and only if you're sure you'll be able to afford it 20 years later.
Caring for patients with dementia and Alzheimer's disease is far more expensive - 57% more - than caring for those with illnesses like cancer or heart disease, according to a study from researchers at Mt. Sinai. William Brangham discusses the findings with Dr. Diane Meier of the Icahn School of Medicine at Mount Sinai.
With a “retirement boom” to continue for the next twenty years, planning for those retirement years is critically important; and there may be no greater threat to a comfortable retirement than the need for Long-Term Care.
Who’s going to be the physical, emotional, and financial caregiver in your family (no matter how you define family)? Few of us understand or are prepared for the breadth of lifestyle implications that come with that role. On the flip side, what if it’s you that needs care?
This captivating nonfiction narrative rotates through the entire caregiving journeys of "Fred," "Janice," "Alice," and "Yvonne," whose wife, second husband, mother, and grandfather were diagnosed with Alzheimer's dementia. Dr. Tiller's personal and professional commentary compliments their earnest firsthand accounts to provide solace for prior caregivers, empowerment for new or future caregivers, and startling insights for their families, friends, neighbors, employers, or policymakers.
As eldercare replaces childcare as a top issue facing baby boomers, "Don’t Go Broke in a Nursing Home" is a book you need. Take back control of your life and provide excellent LTC for your aging loved one without them going broke in the process. When you still have time to plan ahead, choosing the right planning strategy for your LTC needs is essential. As our population ages, this book is full of creative strategies to protect your assets and the quality of care you receive.
Quantify how much care will be needed, the type of care, and how much that care will cost you or your family.