What Is Long-term Care?
What is long-term care and how does it work?
Long-term care is how you and your family are going to take care of your loved one who needs to go into a nursing home.
A little-known secret!
Most people 65 years or older have Medicare. If you have Medicare, they only take care of your first 100 days in a nursing home. On your 101 days, a hundred and first day, you must come up with a plan to take care of yourself.
What does that mean?
That means that people typically take care of themselves in one of three ways:
#1: they become private pay
#2: they get some sort of long-term care insurance that covers an extended stay in a nursing home.
#3: they qualify for Medicaid.
What is Medicaid?
Medicaid is a government-funded program that takes funds from both the state and federal governments to provide care for the elderly, disabled, some children, and low-income people. There are a bunch of different programs that work for long-term care for Medicaid people.
What is the average cost of Medicaid?
If you are going to go into a nursing home, most likely you're going to be private pay unless you have long-term care insurance, or qualify for Medicaid. The average nursing home locally costs between $7,000 and $9,000 dollars a month. If you had a $100,000 dollar nest egg, in twelve months, that would be gone.
What does this have to do with estate planning?
It has a lot to do with estate planning and long-term care planning because you didn't work your whole life so you could lose all your assets to your care in the nursing home.
If you are interested in learning how you could protect your assets, take advantage of our free estate plan review and be sure to ask the team at Littlejohn Law about a long-term care plan. The number one long-term care plan that we routinely use is our Medicaid Asset Protection Trust.
Our Medicaid Asset Protection Trust is a trust that allows you to protect your assets, maintain your lifestyle, and make sure that your family and your nest egg make it to you. It also allows you to protect against the rising cost of long-term care and nursing home care.
Find out more by calling Littlejohn Law at 740-346-2899 and a member of our helpful staff will be there for you to assist with any questions you may have.
Littlejohn Law, LLC
The Real Estate and Probate Law Firm
352 Main Street
Wintersville, OH 43953
www.littlejohnlawllc.com
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https://www.littlejohnlawllc.com/video/
“Remember, where there's a Will, there's a way, and where there's no Will, then there's probate”