Even if you or your loved one has a robust income or a high level of assets, long-term care has the power to quickly erode an estate’s assets. This is especially true when a person needs skilled nursing care for a long period of time.
You can increase the chances of preserving a legacy by implementing a few proven strategies.
The role of long-term care insurance
U.S. News & World Report states that more than half of seniors will need skilled medical care and that one in seven will require long-term care services for more than five years. One possibility for some expenses includes the purchase of long-term care insurance. While these policies are often expensive, you should not assume that you can not afford one.
The older a person is when he or she buys a policy, the more expensive the policy. For this reason, it makes sense to look into a policy when you are in your 50s and early 60s. Some experts suggest looking for an insurance policy even earlier. A customized policy can also help with the affordability of long-term care insurance.
The benefits of other asset protection measures
When considering the best ways to protect the assets of an estate, you should look at all of your options. If the individual served in the military, VA benefits can provide financial help in many scenarios. Spouses of veterans are also eligible for financial assistance in many situations.
While Medicare pays for nursing home care in certain limited circumstances, Medicaid is a more likely option for many families. The program, however, is complicated and comes with many rules and regulations. Nonetheless, you should consider this possibility when putting together a comprehensive estate plan.