Texas Longterm Care Academy

A Lou Talk - "Many ways to pay for LTC"

A Practical Realist and Advocate Caretaker in Chief and Consultant

The Purpose of LouTalks

To Help you early enough to:

Seek to understand Eldercare Quicksand risk

Discuss the long term future of your Family

Explore actions to help preserve Family Money

Seek Comfort and Dignity as you age

The Eldercare Predicament is a Reality ShowNo One Wants to Watch or Face

Complicated - Many moving parts and details

Troubling - Rules and regulations hard to navigate

Expensive - Costs can ruin the Future of your Family

Now What ?

Parents Daughter

Home Care- Assisted Living - Nursing Home

Hospitals and Doctors

What and Where of Eldercare

They are about Trying to Cure and Stabilize with "Medically Necessary" Treatment

Medicare Pays for it

This is Care without "Medical Necessity" It is Custodial Care often progressing to

greater need for assistance with Daily Living needs You or Welfare Pay for it unless you plan

Financial Risk of CARE A Potential Disaster for your Family

What are the RISKS and Reality

People over 65 will have: Arthritis 50 % -Heart Disease 30 %

Top 5 reasons for Care : Stroke, Dementias, Arthritis, Injury, Vascular

How long will care be needed ? Average is 2.5 years - 58% need longer

42% need 1 year or less (each time). Progressive Alzheimers average is 6 years

Why are stats confused?

Who Pays ?Not Medicare- Not Disability You Pay unless you Plan

Meals on wheels, rides

Spend down, self fund

State, Federal program

Thousands $$$ per Year

The Reality of Paying for Care at Crisis Time

Your Resources, Family and FriendsCDs - Penalty for unscheduled withdrawal Reverse Mortgage - Expensive, spouse to live thereBridge Loan- 12% until your house sells... or notSell Your House - Millennials don't want or afford itLife Insurance - use cash value or sell it at a loss

Reality ... Crisis means - Desperate

The big $$ losers will be your Heirs

Investment Accounts - Down market selling

Welfare Medicaid - The Five year Reality

Plan or be forced to Qualify at Crisis time

Different ways for Spouse or No SpouseSpouse can live in house and retain $115K

plus an Annuity (SPIA)to provide monthly expenses.If No Spouse, forced to spend down assets to Qualify

Your savings for Retirement and other Assetswill have to be used first before you can Qualify

You need to think about Protection from spending not Growth of assets

Without a Plan, this snake will bite you bad !? Where Assit, NH

The Reality of Paying for Care

Traditional LTC and Short Term CareLTC - health exam, $2000 per year at age 60,

will spend $50K by age 85 $5000 benefit per month for 3 years, 90 day wait

STC- health questions, $1000 per year at age 60 Cash for up to 1 year for nurse visits

Texas LTC Partnership - same as traditional with protection from Medicaid spend down (8 Companies in TX)

The Thud Factor - after paying for years you "thud" the floor and die with a heart attack- Your paid in money is gone !

Reality

Asset Based Longterm Care Annuity and Life Ins Strategies

Reposition some or all of your IRA or other assets

Use IRS1035 asset transfer rule to save taxes when spending for LTC expenses

Remember ... these are guaranteed contracts that do what they say they will

Several "A" rated companies offer these plans

Many offer 3 to 5 times multipliers to provide more LTC coverage

The Time Will Never Come Until it Does

Consider :Your ability to understand complex matters

will decline rapidly after age 65Once diagnosed with a chronic condition - coverage

is hard to find and costs soarWhen will the 5 year Medicaid Look Back apply to you ?

Have the conversation with Family and decide when and with whom to shield your assets

Either protect your money with a Plan or shield it to qualify for Medicaid

This is what it will feel like

Without a Planning Path

Why is that Lady pulling her hair out ?

C. A. R. E.Can't Always Rely on Expectations

When shopping for care facilities consult dads.com the State authority

on types and ratings for care.

Payingforseniorcare.com

Avoid National TV ad sites !!

Texas Longterm care AcademyPlans and Possibilities

Twittter and Facebook are available now web site is being developed

Use txlongtermcare for accessNon-profit status and advocacy is planned

No Charge Consultation to point you right

Thanks, Lou