Avoid Losing Your Assets to a Nursing Home
1. When considering long-term care insurance you should consider the following:
A. The amount of coverage ?
B. The deductible/waiting period ?
C. The financial strength of the insurance company ?
D. The affordability of the annual/monthly premium ?
E. All of the above ?
Answer: E – All of these factors are very important. You do not want to purchase too little insurance or have too long a deductible period that forces you to spend more money out of pocket. The premium needs to be affordable and you need to work with a financially secure insurance provider.
2. Which of the following investments/assets are typically protected from the Medicaid spend-down process?
A. Certificates of Deposit? B. Money Market Accounts & Savings Accounts C. Prepaid Funeral Plans? D. Stocks & Bonds?E. Immediate Annuities Answer: C & E – Your typical bank accounts and general investments are subject to the Medicaid spend-down process. Immediate annuities and pre-paid funeral plans are generally exempt from this process and allow you to protect a sizable portion of your estate from this process.
3. There are programs available that if you qualify can give you 3 times your annuity value for nursing home care.
A. True B. False
Answer: A - There are new programs that are now offered. Check with an insurance professional for type and state approval.
4. Do all Long-term Care Insurance policies coverage Alzheimer’s disease?
A. Yes B. No
Answer: B – Alzheimer’s is considered an organic brain disorder. Not all policies cover “organic” diseases. Because Alzheimer’s is such a debilitating disease, you should be certain your policy covers diseases of this nature.
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8 年Great post. Thanks Heather. People wait until it is too late to gets things in pkace. There is also another avenue to protect assets via an properly structured IUL with critical, chronic and terminal illness riders. It's a lot less expensive than a stand alone long term policy and it also has life insurance just in case.