Roadmap Financial

Paying for Long-Term Care

Many seniors mistakenly believe that Medicare will pay for long-term care expense.  In fact, Medicare will only pay for rehabilitation services and only up to 100 days.  The first 20 days following a hospital stay of more than 3 days (excluding day of admission and day of discharge) are paid at 100%.  The next 80 days have a $144.50 per day co-pay (usually paid by Medicare supplement insurance).

After discharge from rehabilitation, you will be responsible for all long-term care charges.  Methods of payment include long-term care insurance, privately paying, VA benefits, and Medicaid.  DO NOT ASSUME that you have to spend down to the state mandated $2000 level of assets.  There are legal and financial instruments that may allow you to retain more of your assets and MOST IMPORTANTLY, provide for the needs of your spouse or a dependent or special needs child.  Let us help you retain as much of your estate as possible.

Special Rules for Married Couples

What if your spouse was in the nursing home?  How would you meet expenses?  How much would you need to meet those needs if your spouse pre-deceases you?   There are special rules for married couples that allow for the state to pay for the care of the first one needing it.  We help you understand the rules and regulations that apply to these special situations. When paying for your spouse’s care, don’t let the lack of knowledge erode your nest egg that took a lifetime to save.

Roadmap Financial Consulting works closely with tax and legal professionals to make sure your plan is tax-efficient and fulfils the rules for qualification as well as meets your desire for estate distribution upon your death.  Without a plan, you may be required to spend down to only $2000 . . . not even enough for burial expenses.  Don’t let that happen to you and your family.

We can help you understand the rules and regulations that affect eligibility and qualification for these benefits. We work with elder law attorneys, financial advisors, and CPAs to ensure complete compliance with all laws as well as help you calculate the effects of taxes on any strategies as well as the cost of care.

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This web site may contain concepts that have legal, accounting and tax implications. It is not intended to provide legal, accounting or tax advice. You may wish to consult a competent attorney, tax advisor, or accountant.

Investment advisory services offered through Horter Investment Management, LLC, a SEC-Registered Investment Adviser. Horter Investment Management does not provide legal or tax advice. Investment Adviser Representatives of Horter Investment Management may only conduct business with residents of the states and jurisdictions in which they are properly registered or exempt from registration requirements. Insurance and annuity products are sold separately through Roadmap Financial Consulting, LLC. Securities transactions for Horter Investment Management clients are placed through Trust Company of America, TD Ameritrade, Jefferson National Life Insurance Company.

Your investment advisor may recommend third-party money managers who utilize investment strategies designed to minimize portfolio volatility and reduce the risk of declines in account values. Like any other investment strategy, this approach entails risks, including the risk that client accounts can still lose value and the risk that a defensive position may, at any given point in time, prevent client accounts from appreciating in value.

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