Asset Protection Planning
& Long Term Care Planning
As a retiree, one of the most difficult situations to consider is what would happen to your family if you needed nursing home care in the future. While most people don’t like to think about getting older, it’s important to plan for long term care sooner rather than later in order to avoid the impact of the “5 year lookback.” Doing so will allow you maximum control over you and your family’s lifestyle, budget and well-being.
For the cost of just one or two months of nursing home care, Providence can provide peace of mind by helping you put in place an asset protection strategy based on your needs and wishes. If you want to protect your family and ensure you never exhaust your savings in the nursing home, we’ve got you covered.
- Preserve wealth for your spouse and children
- Shelter your property from forced sales
- Protect your home from Medicaid estate recovery attempts and liens
- Accelerate eligibility for every long term care benefit available to you.
What's the Ideal Long Term Care Picture For You?
Start by asking yourself these questions
- If needed, do you want nursing home care, assisted living or in home care?
- Can you afford to pay for the quality care you deserve? For how long?
- Is having a private room important to you?
- If you need nursing home care, can your spouse maintain their standard of living?
- How can you qualify for assistance through Medicaid or Veterans Benefits?
- How can you safeguard your assets for your spouse and children?
- How can you ensure you don’t exhaust your savings paying for nursing home care?
How Will You Pay for Nursing Home Care?
Some people have enough wealth to pay out of pocket for nursing home care without any concerns for their financial future, but most of our clients are not in that position. That’s because nursing home care is extremely expensive. In Arkansas, the average nursing home cost is $5,749 per month, and the national average length of a nursing home stay is 892 days (for those ages 65 and up).
In order to help you make a more informed decision about how you can best plan for long term care costs, we’ve laid out a discussion on the three most common questions we encounter about paying for care.
- Will medicare help cover nursing home costs?
- Should you consider long term care insurance?
- What can an asset protection plan do for you?
Will Medicare Help Cover Nursing Home Costs?
You might be surprised to discover that Medicare – your traditional health insurance provider – will provide some nursing home benefits, but coverage will be limited to a short-term stay for rehabilitation. In order to qualify for Medicare assistance, you must have stayed as an inpatient at a hospital for 3 or more days and require skilled care (such as speech, occupational or physical therapy).
If traditional Medicare can help, it will cover 100% for the first 20 days, and from day 21 to 100 you’ll have a co-pay of about $170.50 per day. After day 100, Medicare coverage ends and another payor source must be activated to cover additional costs.
Should You Consider Long-Term Care Insurance?
Long-term care insurance is a tool that can help pick up where your Medicare insurance leaves off, but coverage can be expensive, and policies can be confusing. According to the American Association of Long Term Care Insurance Annual Price Index, the annual premiums for a mid-tier long-term care insurance policy are as follows:
Single Male, Age 55
Single Female, Age 55
Couple, Both Age 55
$2,050 annually
$2,700 annually
$3,050 annually
While long term care insurance certainly has some benefits, the value is often outweighed by the costs when compared side by side to an asset protection plan with Providence. Assuming you purchase coverage at age 55 and pay premiums until age 79 (the average age of a person admitting to a nursing facility), your total costs over the life of your coverage would be:
Single Male, Age 55
Single Female, Age 55
Couple, Both Age 55
$49,200
$64,800
$73,200
What Can an Asset Protection Plan Do For You?
Though not for people that want to maintain 100% direct control over 100% of their assets, a Medicaid Asset Protection Trust can be the perfect plan for you if you want to plan ahead to qualify for government benefits – like Medicaid and V.A. Aid & Attendance – while maximizing the protection of your assets for the betterment of your family. There are strict laws about Medicaid and Veteran’s qualification including income and asset limits and restrictions on wealth transfers that can bar you from benefits.
Working with a Providence asset protection attorney who is experienced in nursing home planning enables you to choose the right type of planning for your specific situation. We’ll help you uncomplicate the complicated and enjoy the following privileges:
- Gain a sense of pride knowing you’ve protected what you’ve worked hard for.
- Be triumphant over “the system” that wipes out countless uniformed victims.
- Gain peace of mind knowing your savings will last a lifetime… or two.
Schedule Your Initial Consultation Today.
Come on in. Let’s talk. There’s no preparation necessary and you don’t need to bring any paperwork – just bring yourself and your questions. During your consultation, we’ll help you decide which services are right for you and your family. Click below to book your appointment at our Fort Smith office.
Visit Our Fort Smith Office Today
3223 Old Greenwood Rd, Fort Smith, AR 72903
Visit Us At Our Conway Office
803 Harkrider St Suite 14, Conway, AR 72032
