New LifeStyles - Colorado Springs

15 Almost all of us know or have a friend or family member facing the decision to move a loved one into a long- term care skilled nursing facility. Some see the move as a blessing; others see it as a dreadful curse. Regardless, the whole process is very stressful. Additionally, the burden of figuring out how to pay the cost of long term care is often more stressful than the decision to move a loved one to a qualified long-term care facility. The average cost of quality long-term care usually comes as a shock – in the local area the cost can range from $4,500 to $10,000 or more per month. The stress can truly be enormous. While the financial issues of long-term care are easy to overthink, there really are only three ways to pay for long-term care: private payment with assets owned by the patient or the patient's family, long-term care insurance purchased in advance of the need, or government resources by way of the Medicaid program. We encourage everyone to plan in advance with help from their financial and insurance advisors so they are prepared to pay with their own resources or with long-term care insurance. Many, however, are unable to amass the tremendous resources needed to self-pay; others cannot either afford or cannot qualify for long-term care insurance. For these people, Medicaid may be their only viable option to pay their long-term care costs. Here is the problem. Medicaid – and the rules to qualify – is almost always misunderstood. • "Sure, I've heard of Medicaid. Or was it Medicare? • Is that the program where the government will take my house if I go into a nursing home? • I've heard I can just give my stuff to my kids but then I still have to wait five years to qualify, right? • I'm sure I'll have to lose control of all my assets though...Won't I?" If you're confused, rest assured that you're not alone. While Medicaid is confusing and has its fair share of moving parts, a well-orchestrated plan will alleviate stress and bless both the person needing care and his or her loved ones. The most difficult aspect of understanding Medicaid is not the rules but rather identifying and debunking the myths surrounding the rules. Often people get information about Medicaid from unqualified sources. This "information" communicated by someone who doesn't understand the rules isn't information at all – it's misinformation. Myth and misinformation causes anxiety and forces families into bad choices that they never would have made if they had only known the truth. Knowing and applying the truth is the only way to devise and implement a plan that works to mutual benefit of the person needing care and his or her loved ones. Just like a game of Monopoly, you have a better chance of winning the game when you have mastered the rules. Because of the myth and misinformation that abounds, professional Medicaid planners face an uphill battle when it comes to advising clients. Ideally, a well-designed plan is implemented before myth and misinformation set in. On the other hand, the "self-inflicted wounds" caused by trying to "do-it-yourself" are often very costly and hard to remedy. A qualified professional will often be able to preserve a significant amount of the client's assets – generally at least half (and perhaps all) of their assets considered "non-exempt" under the Medicaid rules – and still qualify the nursing home bound person for Medicaid very quickly – often within 30 days or so. Good planning will improve outcomes whether in response to a crisis (when Mom or Dad needs skilled nursing care NOW) or in contemplation of a future expected need (when a diagnosis is received that indicates long-term care may be required down the road). Rather than being confused by myth and misinformation, take some time and consult with a qualified professional Medicaid planning attorney. With a professionally prepared plan developed in accordance with current rules you can preserve at least half or more of your assets and ensure you can qualify for Medicaid if needed. Start TODAY. If you do, you will help your loved ones avoid much of the stress involved with your long- term care needs and allow them reap the benefit of what you worked so hard all your life. You can get help paying for your long term care. You can implement strategies. You have choices. Long-term care is stressful for everyone - the person needing long-term care, family, friends and advisors. But the stress does not have to hit as hard as you might fear. By consulting a qualified professional you can design a strategy today that will minimize the burden on everyone and bring you peace of mind. You've worked hard for what you've earned. Make sure you can pass it on. Medicaid Myths 719-444-0300 www.ForbushGoldberg.com

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