Planning for the future can be hard, particularly when facing topics like long term care or what happens after you are gone. This leads many elderly Americans to put off planning for the future and taking a wait and see approach. There is a serious problem with taking this path. If you have not carefully planned for the future then you can end up causing long term financial harm to your loved ones. Don’t wait to see the assets you worked your life for drained away in medical care, plan ahead.

The Consequences of Waiting

Long term care is not covered by health insurance or Medicare. Typically all long term care needs to be paid for by Medicaid. Medicaid is a needs based program. This means that you must demonstrate financial need in order to qualify for the aid the program provides.

If you have financial means, no matter how modest, Medicaid will insist that they be used up before you can qualify for any aid from the program. Of course this applies to any liquid assets you might have, but it can also affect retirement investments and your home. Liens can be placed against your home for the cost of care that is being provided.

In a case where one member of an elderly couple needs long term care, this can be disastrous to the other partner. All of the couples assets can be drained off in long term care costs leaving them with little to no assets left.

Plan for the Worst

In order to avoid this you need to plan for the worst. Elder law experts like Stano Law group can help you plan for the future and protect assets so that you retain your security while having care paid for by Medicaid.