May 30, 2018

Long term care insurance is not the only way to afford your future, but it is one of six ways that you may be able to approach health care costs that may surge into your later years. Given that the average cost for a person turning 65, in need of long term care services, is $138,000, it is thoroughly responsible to ensure that you have a plan in place. 

If you have already checked whether or not a long term care insurance policy is possible or accessible and identified that it is not within your financial reach, there are still five other options you can consider to fund your long term care expenses. These include health savings accounts, adding riders to your current life insurance policies, using your personal savings, taking advantage of veteran benefits when you are eligible, and exhausting all of these options to have your long term care cost paid through Medicaid.

Medicaid planning requires advanced consideration and will likely need insight from an experienced estate planning lawyer who is thoroughly knowledgeable about how to protect your best interests. Scheduling a consultation today with an asset protection planning attorney and an estate planning attorney can help to clarify what’s next.