The challenge of Long Term Care Planning may become the greatest threat to the survival of your assets during the course of your lifetime.  This care includes home health care, supervised adult day care, assisted living care, nursing home care, custodial care, skilled nursing care, respite care, and hospice care.

National studies reveal that up to 40% of all People 65 years of age and older and one partner or the other in 70% of all married couples will encounter some long term care crisis of significant duration.  According to the Colorado Division of Insurance the cost of nursing home care in Colorado ranges between $18,000 (rural/shared room) to as high as $94,000 (private room) per year.  With health care costs inflating at an average of 5% per year, the average cost of $40,000 per year could skyrocket to more than $135,500 in just the next 25 years.

Contrary to popular belief, Medicare does not pay for extended long-term care and Medicaid only pays for custodial care (the most common form of care) for those who are destitute.  In addition attempting to hide and/or give away assets in an attempt to qualify for Medicaid can be a criminal offense.  Without serious prior planning, the costs involved could financially devastate your family in a short period of time.

By example, if one partner of a couple living on a net after-tax income of $60,000 were to enter a long-term care facility with an current average cost of $40,000 per year, what does that leave the healthy spouse to live on during those years of care.  Currently the average stay in a long-term care facility is 2½ to 3½ years.  As medical advances progress that average stay is likely to lengthen considerably.

A SOLUTION: