If you don't want to deplete your retirement savings and other investments in the future, you might want to consider long-term care insurance plan. To get more information about long term care insurance you can visit https://1stclasscap.com/.
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Imagine how much an annual basis it will cost you if you need to pay this money out of your pocket if you need care from a nursing home. Without long-term care insurance, it would be financially devastating.
The new law puts the majority of long-term health care costs on you, especially if you have assets. You will need to dispose of your assets before you will be eligible for Medicaid. Under this new law, there is a period look back five years from the date you applied for Medicaid benefits you.
The period look back five years, is to ensure that you do not transfer assets to relatives, friends, or others. If you have to transfer your assets to someone, Medicaid will count against you and you will have a penalty period where you will not be eligible for benefits.
Basically, this means that you can get out of money and Medicaid will not pay for care in your home. The majority of your assets, including trust and annuity viewed differently under this new law.
It is important that you consider long term care insurance as part of your retirement planning. However, it is recommended that you consult your insurance agent or financial advisor about it.