Many Ways to Pay For Long-term Care. Part of a series offered by Texas Long-term Care Academy

1. Texas Longterm Care Academy
A Lou Talk - "Many ways to pay for LTC"
A Practical Realist and Advocate
Caretaker in Chief and Consultant

2. The Purpose of LouTalks
To Help you early enough to:
Seek to understand Eldercare Quicksand risk
Discuss the long term future of your Family
Explore actions to help preserve Family Money
Seek Comfort and Dignity as you age

4. The Eldercare Predicament is a Reality Show
No One Wants to Watch or Face
Complicated - Many moving parts and details
Troubling - Rules and regulations hard to navigate
Expensive - Costs can ruin the Future of your Family
Now
What ?
Parents Daughter

7. Home Care- Assisted Living - Nursing Home
Hospitals and Doctors
What and Where of Eldercare
They are about Trying to Cure and Stabilize
with "Medically Necessary" Treatment
Medicare Pays for it
This is Care without "Medical Necessity"
It is Custodial Care often progressing to
greater need for assistance with Daily Living needs
You or Welfare Pay for it unless you plan
Financial Risk of CARE
A Potential Disaster for your Family

8. What are the RISKS and Reality
People over 65 will have:
Arthritis 50 % -Heart Disease 30 %
Top 5 reasons for Care :
Stroke, Dementias, Arthritis, Injury, Vascular
How long will care be needed ?
Average is 2.5 years - 58% need longer
42% need 1 year or less (each time).
Progressive Alzheimers average is 6 years
Why are stats confused?

9. Who Pays ?
Not Medicare- Not Disability You Pay unless you Plan
Meals on wheels, rides
Spend down, self fund
State, Federal program

10. Thousands $$$ per Year

15. The Reality of Paying for Care
at Crisis Time
Your Resources, Family and Friends
CDs - Penalty for unscheduled withdrawal
Reverse Mortgage - Expensive, spouse to live there
Bridge Loan- 12% until your house sells... or not
Sell Your House - Millennials don't want or afford it
Life Insurance - use cash value or sell it at a loss
Reality ... Crisis means - Desperate
The big $$ losers will be your Heirs
Investment Accounts - Down market selling

16. Welfare Medicaid - The Five year Reality
Plan or be forced to Qualify at Crisis time
Different ways for Spouse or No Spouse
Spouse can live in house and retain $115K
plus an Annuity (SPIA)to provide monthly expenses.
If No Spouse, forced to spend down assets to Qualify
Your savings for Retirement and other Assets
will have to be used first before you can Qualify
You need to think about Protection from spending
not Growth of assets
Without a Plan, this snake will bite you bad !
? Where Assit, NH

17. The Reality of Paying for Care
Traditional LTC and Short Term Care
LTC - health exam, $2000 per year at age 60,
will spend $50K by age 85
$5000 benefit per month for 3 years, 90 day wait
STC- health questions, $1000 per year at age 60
Cash for up to 1 year for nurse visits
Texas LTC Partnership - same as traditional with
protection from Medicaid spend down (8 Companies in TX)
The Thud Factor - after paying for years you "thud" the floor
and die with a heart attack- Your paid in money is gone !
Reality

18. Asset Based Longterm Care Annuity
and Life Ins Strategies
Reposition some or all of your IRA or other assets
Use IRS1035 asset transfer rule to save taxes
when spending for LTC expenses
Remember ... these are guaranteed contracts
that do what they say they will
Several "A" rated companies offer these plans
Many offer 3 to 5 times multipliers
to provide more LTC coverage

20. The Time Will Never Come
Until it Does
Consider :
Your ability to understand complex matters
will decline rapidly after age 65
Once diagnosed with a chronic condition - coverage
is hard to find and costs soar
When will the 5 year Medicaid Look Back apply to you ?
Have the conversation with Family and decide when
and with whom to shield your assets
Either protect your money with a Plan or
shield it to qualify for Medicaid

21. This is what it will feel like
Without a Planning Path

22. Why is that Lady pulling her hair out ?
C. A. R. E.Can't Always Rely on Expectations
When shopping for care facilities
consult dads.com the State authority
on types and ratings for care.
Payingforseniorcare.com
Avoid National TV ad sites !!

23. Texas Longterm care Academy
Plans and Possibilities
Twittter and Facebook are available now
web site is being developed
Use txlongtermcare for access
Non-profit status and advocacy is planned
No Charge Consultation to point you right
Thanks,
Lou