Long-term care involves non-medical assistance with basic daily activities, including dressing, eating, and toileting. Whether at home or in a facility, long-term care can be expensive. Since private health plans and Medicare typically don’t cover it, you’ll be personally responsible for the costs unless your income level qualifies you for Medicaid.

To prepare, you can set aside funds specifically for these expenses, create an irrevocable trust (with a five-year establishment period), or consider long-term care insurance, either a standalone or hybrid policy. Applying when you’re younger can improve your chances of qualifying for coverage.

Johnson Brunetti can help you develop a long-term care planning strategy tailored to your financial situation. We’ll discuss your potential care needs including your preferred locations and caregivers. We might also suggest having open conversations with your spouse or family members about the financial and emotional implications at play.

Our recommendations can include self-funding your care, purchasing insurance coverage, or establishing a trust to protect your assets. We’ll be there to advise you throughout the next steps as we navigate your various investment and insurance coverage options.

No one wants to think about it, but planning for long-term care is crucial to protecting your assets, legacy, and your spouse’s financial security and lifestyle. Acting now can expand your planning options and help you address potential financial challenges proactively.