Planning for long-term care — which is also often called “asset protection planning” — involves legitimate tools and strategies to help you protect your money and your property from the high cost of long-term care.

Medicare vs. Medicaid
Most individuals qualify for Medicare when they become 65 and it is not a means based program. Medicare covers things like doctors visits, hospitalizations, prescription medications, and short rehabilitation stays. However, Medicare does not cover long-term care costs such as assisted living, in-home care, adult day centers, memory care or nursing home care. A primary payer for these programs is the Medicaid program.

Asset Protection
Life by Design Estate and Elder Law works with clients to plan for potential long-term care costs while protecting assets needed for their personal needs, spouses, and children. We assist clients in qualifying for Medicaid benefits to cover nursing home care, assisted living, and in-home care services. When we work with a client at least five years before the anticipated need for expensive long-term care, we can offer proactive planning, which may include asset protection trusts. However, it’s never too late to protect assets, even if there’s an immediate need for care—whether at home, in assisted living, or in a nursing home.