What Does It Mean to Pay for Long Term Care with a Combination of Assets?

Most people haven’t set aside significant savings for the sole purpose of paying for their long term care but long term care expenses can have catastrophic effects on your savings, especially if you’re a partner with a spouse who might need to rely on these savings for the remainder of his or her retirement.

Many people need to invest in the process of doing strategic long term care planning to discuss the benefits of various types of ways to pay for long term care services. It’s estimated that more than two thirds of people above age 70 will require some form of long term care services that will range from between one and three years.

This could decimate an individual or a couple’s retirement planning savings and therefore, should be factored into conversations about Medicaid qualification and other assets. In many cases, people use a combination of different types of assets to qualify for long term care expenses. Personal savings gives the most flexibility when it comes to selecting options for long term care. Personal savings can be used for nursing homes, in home care, assisted living or adult daycare.