Far too many families find themselves in the position of realizing that Medicare doesn’t pay any or very little of the long term care expenses that can emerge when a loved one suddenly needs to enter the nursing home. Caring for a loved one at home might not be an option for your family. It may become stressful at the beginning and eventually become completely unmanageable. 

If you are able to afford it, an assisted living facility is one optional solution. However, many people don’t have the financial means necessary to put a loved one in assisted living. One of the best protections against the rising cost of long term care and health expenses in older age is long term care insurance, but too few people know about it or have an active policy that could help them in the event of a sudden disability or long term care event.

Medicaid is another planning option but you must ensure that you have a Medicaid strategy and plan in place. This is because Medicaid has specific requirements about what it fully takes to meet the grounds for eligibility. Most people have no idea how the Medicaid process works. According to the US Department of Health and Human Services, up to 75% of Americans aged 65 and above will need long term care for a period of between one and three years, but fewer than 30% of Americans over age 40 have set aside any money to pay for it.

This could be a catastrophic mistake for you and your loved ones if something suddenly happens to you and you are unable to care for yourself. It’s better to set aside time to speak with an experienced estate planning and Medicaid planning attorney today to learn more about how best to protect yourself.