Most people will need long-term care eventually. You can pay out of pocket (around $7,000 a month), buy long-term care insurance in your 50s or 60s, or use Medicaid after spending down to $2,000-$3,000 and risking a claim on your home.
I don't care how old you are, at some point in your life, you're probably going to need long-term care. And when I say long-term care, I'm talking about a nursing home. So whether you're 25 or 65, you better learn that there are only 3 ways to pay for it. The first way is straight out of your pocket, private pay. And unless you're at a nursing home that serves cocktails at 5 o'clock, private paying does not mean that you're going to get any better care than those who are paying with Medicaid benefits. And the cheapest places right now are about 7 grand a month. The second way is long-term care insurance, and that's the best way to pay for long-term care. If you're in your late 50s or 60s, you need to check it out, find out if you can afford the premiums. And the third way is Medicaid benefits, but you need to know that Medicaid benefits is not free money. If you have any money, you'll have to spend it all but $2,000 or $3,000 to qualify. And if you own a home, Medicaid is just a loan. They will do everything possible to get their money back out of your home. The earlier you prepare for how you're going to pay for your long-term care if you need it, the better. Follow my channel and I'll keep you up to date on it.
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