Medicaid and Life Insurance Our Medicaid Asset Protection Trust Plan
For National Insurance Awareness Day this month, I wanted to write about some of the insurance topics we see the most in the estate planning field. Insurance is something you can’t escape in any part of life, and it’s important to discuss with our clients, especially if they are retired or are looking to move into a nursing home. Protection Trust Plan they can use. Long-term insurance care plays a large role in Medicaid assets and planning, and that’s something we look into. A lot of clients who have long-term insurance care think that it will cover a nursing home stay, but that isn’t usually the case. Even though long-term insurance feels like it will last a lifetime, it can be insufficient for nursing home care. Elderly folks are discovering, often too late, that their insurance isn’t enough to cover excessive nursing home costs. The average nursing home stay is about three years and can cost around $500 a month or more. Long- term insurance often doesn’t last for more than a year. With our Medicaid Asset Protection Trust Planning, coupled with long-term assets, we ensure that our clients get the protection they need to prevent them from being removed from a nursing home due to lack of funds. Our expert team will sit down with each of our We do a lot of Medicaid planning for our clients, and we have a Medicaid Asset
clients in turn and look at how much insurance they have, what it covers, and what their options are going forward. I also want to touch on the importance of having regular life insurance and why it’s vital to keep it up to date. Life insurance is an asset that is passed to beneficiaries outside of probate and, generally speaking, accessible to their loved ones after they have passed away. Most people have a lot of insurance sitting in their bank, which will help cover any expenses that may occur after they’ve passed, such as funeral expenses or any remaining debt.
Insurance is also essential to estate planning. Long-term life insurance coverage goes hand-in- hand with our Medicaid Asset Protection Trust Planning. We see what our client’s life insurance covers and figure out a way to pair that with their Medicaid. If our client has exceptional coverage, they might have a rate that covers everything they need. If not, we’ll find out what they need to get the right coverage. Most folks don’t know they have insufficient coverage. Thomas-Walters Estate Planning can take steps to educate you and give you added protection, so you don’t have to worry about that later on.
“Even though long-term insurance feels like it will last a lifetime, it can be insufficient for nursing home care.”
-Les lie Thomas
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