Asset Shelter Planning
Nursing homes now cost over $300 per day, or in excess of $110,000 per year. Medicare only pays nursing home costs in limited situations and then, even in those cases, only for 100 days. Medicaid, or Medical Assistance as it is called in Pennsylvania, does pay nursing home costs. However, Medicaid is a joint federal-state program for the financially needy. Therefore, there are certain maximum asset levels that the person must “spend-down” to before he or she will qualify for Medicaid.
The Medicaid law is extremely complex and provides many pitfalls for those not familiar with it as well as significant opportunities to legally protect assets from nursing home costs for those well-versed in the Medicaid law.
We have helped hundreds of families navigate this maze. We can explain the law to you as well as how it applies to your situation. We will present you with the options available to you or your family to legally shelter your hard-earned savings.
Long Term Care Insurance
The best time to plan for your own care is while you are still relatively young and healthy!
Long Term Care Insurance – Your Plan A
The best strategy for sheltering your assets from nursing home costs begins with obtaining long term care insurance. The costs of long term care are not covered by health insurance and 50% of us will need expensive long term care in our lifetimes. At Dorko Wealth & Estate Planning, we can provide Long Term Care insurance to those who qualify as part of your overall estate and financial plan.
We offer policies from the best-rated insurance companies, including Mutual of Omaha, Genworth, and Lincoln Financial. Our clients also hold policies with John Hancock, CNA, and MetLife. If you have an underwriting issue, we do the work to find the insurance company most favorable to your health situation.
If you do not qualify for long term care insurance because of health issues, proceed to the next section.