LTC Insurance Alternative

[SNFAdmin]

Instead of paying premiums to an insurance company has anyone considered setting up their loved ones Provider services agreement earlier in life so that you can potentially qualify for LTC Medicaid with little or minimal penalty? Keep in mind these things need to occur outside of the lookback window. This would allow all the hard earned money that some parents worked their who lives for to be able to pass that to their children.

 

[kpbdy99]

One of the biggest reasons to plan for LTC is to avoid having your children become caregivers. I suppose if you're not concerned about putting them in that position, and you're not utterly horrified by the prospect of winding up on Medicaid, this is a good strategy. Personally, I don't want any of my kids cleaning my nether regions after an accident in my bed at 89 years old. I'd rather that not be their last memory of me. I was selling LTC insurance for 15 years before I found myself in the position of doing exactly that with my own mother, and that's the moment when I realized the benefit I was really providing my clients with.

 

[pfg1]

Nobody wants to (on purpose) be subjected to a Medicaid Facility. Its the worst level of care.

 

[yankee466]

I tell my clients if you give your money to your children too soon, you may never see your children again!!!

 

[SNFAdmin]

Nobody wants to (on purpose) be subjected to a Medicaid Facility. Its the worst level of care.

I respectfully disagree, what levels of care are placing above homes that take Medicaid?

 

[SNFAdmin]

I’m reference to kpbdy99

Never thought about LTC insurance from that perspective, makes perfect sense in that instance. Thank you for sharing