Long Term Care Insurance

•           Everyone needs it.

•        Not everyone can afford it.
                  (Or believes they can’t afford it)

 
 The Reality of Long Term Care Insurance is:

• You will get older.

• Your health will change as you get older.

• Premiums will increase as you get older.

• Sooner or later you will not be able to qualify to buy Long Term Care Insurance at any price.
  

 We all have one simple choice: 

Will you find yourself in control, and financially able to make choices concerning the quality of your care  -  taken care of at home by your loved ones, with your assets, your income, and your life’s savings intact

 OR

Will you have to face the reality of having to apply to an increasingly hostile government for Medicaid assistance in helping pay for your care?

Recent federal and state legislation will make it increasingly difficult for middle-income Americans to qualify for Medicaid.

The Omnibus Deficit Reduction Act of 2005, a 775 page bill signed into law by President Bush on February 8, 2006 is intended to trim over 39 billion from the federal budget over the next five years by severely tightening eligibility for Medicaid, and by lengthening the "look-back period"  from three to five years where assets have been given away or sold for less than fair market value.

As a result many elder law attorneys frankly admit:

"Medicaid Planning No Longer Works"

One unintended consequence of the new Medicare Hostile Climate is that because nursing homes cannot dump patients on the street because of inability to pay, many will be forced to eat the cost of care for uninsured individuals.  Inevitably this will compel the nursing home to sue the children to whom the gifts were made to avoid the nursing home being put out of business.

In addition, while nursing homes cannot kick people out, they can refuse entry, resulting in a severe crisis as a wave of uninsured baby-boomers is denied long term care based upon their inability to pay for the cost of long term care.

Result?   More and more thinking Americans are coming to the inescapable conclusion that perhaps they really should consider purchasing Long Term Care Insurance after all.

We recommend that in states such as New York where a Partnership Plan is available it should be given serious consideration.

The big advantage of a Partnership Plan is "Asset Protection"

While a Partnership Plan does not protect your income, it does protect your assets, it qualifies you to receive assistance from Medicaid without first requiring you to become a pauper.

Upon your death your spouse may not to have to apply for welfare.