Long Term Care Insurance
As you know, long-term care can be expensive - whether it's in-home care or a stay in a nursing home. And unfortunately, Medicare doesn't cover the cost of long-term care.
That's where long-term care insurance comes in. This type of insurance can help cover the cost of long-term care, so you can have peace of mind knowing that you'll be taken care of if you ever need it.
5 Year Look Back
Medicaid and the 5 Year Look Back
One important thing to keep in mind when considering long-term care insurance is the "five-year look-back" period. This refers to the fact that if you transfer assets out of your name within five years of applying for Medicaid, those transfers may be subject to penalties. This is designed to prevent people from giving away their assets to qualify for Medicaid.
It's important to plan ahead and consider your options when it comes to long-term care insurance. This may include working with a financial advisor or insurance agent to determine the best coverage options for your individual needs and circumstances.
If you have any questions or concerns about long-term care insurance or the five-year look-back period, don't hesitate to reach out to a trusted insurance agent or financial advisor. They can help you navigate the complex world of long-term care planning and ensure that you're prepared for whatever the future may hold.
