I have a long term care insurance policy, should I still consider Medicaid planning?
In addition, the long term care insurance can provide you with greater flexibility when it comes to facility selection as you will not be required. However, if you use up all of the long term care insurance benefits and continue to need care, this is when your planning will transition to Medicaid qualification for assistance paying the cost of nursing home care.
Finally, the cost of nursing home and long term care is constantly increasing. Thus, if your long term care insurance does not include an inflation rider or at some point becomes too expensive for you to maintain, if you’ve already engaged in Medicaid planning, you’ll have a back-up plan to fall back on to either replace the insurance or fill in the ‘gap’ if your long term care insurance benefit is not enough to cover the cost of the nursing home.