Creative Long Term Care Strategies

PA Live with Dave Kuharchik

Click here to watch Phil Goldstein and Mike DiIlon of 1st Financial's recent discussion on PA Live regarding the new and positive changes to Long Term Care planning!

Long-term care is one of the biggest uncertainties facing retirees. The cost of a private room in a nursing home in Northeast, PA as calculated by Genworth’s 2017 Cost of Care survey, can be as high as $111,325 annually.

Additionally, the U.S. Department of Health and Human Services estimates that most Americans turning 65 will need some form of long-term care in their lifetime, yet many retirees have simply not planned for it.

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Longer life spans into the mid-80s are leaving more retirees subject to the unavoidable effects of aging — stroke, Parkinson’s, Alzheimer’s and osteoporosis. These conditions are some of the leading causes of long-term care.

If you have not taken the necessary steps to prepare, you might be placing yourself in a situation where spending large sums of your assets to pay for nursing home care, home health care or an assisted living facility is your only option.

You may think that Medicare will pay. However, it will only cover up to 100 days of short-term care, in a skilled setting. Additionally, in order for Pennsylvania Medical Assistance, or Medicaid, to pay for your long-term care, you must have very low assets remaining and you will be subject to  a look-back period to qualify.

A traditional strategy to address your risk is to purchase a long-term care insurance policy. However, it can be quite expensive and subject to premium increases. In addition, if you purchase a traditional insurance policy, and never use it — or you cancel the policy — you don’t get anything back in return, as these policies have no cash value.

However, there have been recent, positive changes in legislation and LTC insurance of which you may be unaware. These changes, combined with some little-known government programs, may hold the keys to help you address the problem: “How will I pay for long-term care if I need it someday?”

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Recieve your FREE copy of "Don't Go Broke in a Nursing Home!" and learn
more about the following topics:

  • Ways to avoid common mistakes when considering long-term care costs - including how you can get the care you need without using all of your assets.
  • Ways you may pay for long term care using tax-free dollars under the Pension Protection Act.
  • Ways your IRA funds may now be used to pay for long-term care.
  • If you currently own an annuity, explore how you now may be eligible to withdraw tax-free dollars to pay for home care, assisted living or nursing home care.
  • What Pennsylvania state programs are available to help you with possible future long term care costs?
  • How qualifying veterans may receive up to $25,525 tax-free annually to help pay for long term health care.