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Nesting for the Future: Planning Your Long-Term Care

Planning Your Long-Term Care

Every person planning for retirement is tasked with determining how much money they need to meet their expectations and goals. In the ideal situation, you have your home and bills paid off, enough money to meet your living expenses, and added funds to cover things like travel. Yet, today, it is more important than ever to have a plan for long-term medical and health care.

The Realization You Need More

Long-term care, such as in assisted living or nursing homes, continues to rise in cost. In a Genworth study, it was found that a semi-private room (meaning you have to share with another person) cost nearly $8,000  a month in 2021 across the country. Many people hope they can live at home as long as possible or move in with a child. Yet, that same study found that 7 out of 10 people will need long-term care at some point in their lives. This means you need to plan for it.

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How Estate Planning Can Help You Create a Better Financial Outlook

By working with a South Florida Estate Planning Attorney, you can carve out a customized plan for covering long-term care costs along with other unexpected expenses you may see in the future. A comprehensive care plan should include the unexpected, including nursing home needs or in-home health aides (which can also be very expensive for those who need even minimal help). There are several strategies that may offer some help.

Long-Term Care Insurance

One component of your Estate Plan could be the inclusion of long-term care insurance. This type of insurance helps to pay for care in a nursing home. If you meet the qualifications, this type of insurance kicks in to help pay for help in assisted living communities, skilled nursing homes and, in some cases, in-home care. This type of insurance aims to cover the needs of a person who has a chronic health condition or others who need constant care.

Long-term care insurance is a type of private insurance. It is available to anyone that needs it and can afford to pay for it. Like other forms of life insurance, the earlier you invest in this insurance product, the more affordable it will be for you.


Many people are shocked to learn that Medicare, the health insurance program designed for seniors, offers very little financial support for nursing home care beyond short-term needs. That is why qualifying for Medicaid becomes so important. However, to do so, you must meet income qualifications, which can be very limiting.

With Medicaid Planning, a service our South Florida Estate Planning Attorneys can help you with, allows you to protect your assets and potentially qualify for Medicaid coverage for long-term care costs. Keep in mind this takes time and planning, and the sooner you put that plan into place, the more likely you are to ensure a long-term financial impact.

Reverse Mortgages

For many seniors, a reverse mortgage poses a potential option for funding their needs, though it in itself may not be enough to cover the total cost of medical bills from long-term skilled nursing facilities. In a reserve mortgage, the property owner agrees to receive a lump sum or monthly payment for the value of their home. The property owner does not have to repay those borrowed funds. Rather, when they move out of the home permanently, or they pass on, the home is sold by the lender to recoup its investment.

Reserve mortgages can be a viable way of planning for retirement expenses and may be a necessary investment for many people. However, they are just one component of a much bigger Estate Plan.

What Can Families Do When It Comes to Long-Term Care Needs?

Caught In The Middle by Barry Siegel | Boca Raton, FL | Call (561) 955-8515There is absolutely no simple solution to covering the costs of long-term care. If your family member is entering into this phase of life, make sure you check out Caught In The Middle: Juggling Your Elderly Parents’ Affairs While Raising Your Own Family,” an in-depth guide written by South Florida Estate Planning Attorney Barry Siegel that provides insight into how today’s adult children can financially meet the needs and expectations of their aging parents.

Medicaid Planning

Creating a Estate Plan that includes proactive Medicaid Planning is a crucial component to minimizing financial stress over decisions like long-term care costs. Even if you welcomed your parent into your home, the amount of care and support they need, especially as you work to raise your own family, may not be financially feasible to manage on your own.

Medicaid Planning as part of a comprehensive Estate Plan offers a solution. It allows you to put into place a variety of solutions that can help to meet ongoing needs, including:

  • Lost will and testament
  • Irrevocable trusts to protect assets from lawsuits, taxes, as well as long-term care costs
  • Living wills which work to provide direction on medical care and life-preserving measures
  • Healthcare advanced directives that create a plan for decision-making in the event a person cannot do so themselves
  • Powers of attorney, which is critically important as it provides you with a way to make decisions for your family member
  • Revocable living trusts, which provide a long-term, more flexible structure for owning assets

What A Medicaid Attorney Can Do

√ Preserve assets
Planning for Medicaid will allow you to preserve assets for your spouse and family should you or your loved one need a nursing home.

√ Protect your family’s home
An experienced elder law attorney can ensure your home is protected if you need Medicaid to pay for a nursing home.

√ Utilize all available benefits
Resources frequently change, and our legal team can ensure you use all available benefits programs and resources for your care.

√ Streamline the application
Applications are complicated and are frequently denied. However, we can walk you through the process and work to

√ Get Medicaid denials approved
Was your Medicaid application denied? We can guide you through a complicated and bureaucratic process. We’ll help you determine why you were denied and work with you to correct your application and get approved. 

Are You Young and Healthy? Here Is What to Do Now

If you are young, healthy and looking towards retirement in the distant future, now is the time to meet with our South Florida Estate Planning Attorneys to discuss the options available to you. Creating a viable, highly strategic Estate Plan that takes into account factors like Medicaid Planning and Trusts and Wills is critical to protecting your family from the financial burden of long-term care.

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Call THE South Florida Medicaid Planning Attorneys – The Siegel Law Group

Now is the best time to take action as it gives you the most time to create a plan to protect your future and the future of your loved ones. When you work with The Siegel Law Group, you gain the guidance and support you need to navigate the Medicaid Planning and long-term care process with confidence.

Call our office at 561-576-6206 to schedule a complimentary consultation, or submit our online contact form to schedule a consultation today. If you have any questions, do not hesitate to contact us.

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Medicaid Planning Attorney | Boca Raton, FL | Call 561-955-8515

Now is the time.

Protect yourself and those you love.

At the Siegel Law Group, we help South Florida families, seniors, and their loved ones prepare for the future.

Whether you need to create or update your estate plan, are preparing for long-term care, have a loved one entering or in a nursing home, or need to develop a strategy for your business, we are here to assist you.

Take your first step by contacting us for a complimentary consultation today.

Estate Planning Checklist | Boca Raton, FL | Call 561-955-8515

Before you go…

7 Steps to Make Sure Your Estate Plan is in Order

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