Helping Families Navigate The Maze That is Long Term Care
What is Long Term Care?
Bamford Long-Term Care Financial Services specializes in educating and helping seniors secure long term care (LTC). We are NOT a sales company. Whether our help comes in the form of assistance with a Medicaid application, recommendations for long-term care insurance, or simply knowledge about the community resources. Long term care is a complex and deeply personal thing, one size definitely does not fit all. We train ordinary people in my monthly LTC class (Sign Up HERE) on how Medicare, Medicaid, and other products work so that help families can adequately prepare for the needs of their older members.
Why Would I Need Help With a Medicaid Application?
One of the Elder Law attorneys I work with stated to me, “Bruce it is so sad when a married couple comes to me the first time with all the stress of the denial of the Medicaid application and not understanding why?” They will tell me, “We have spent all our assets as we have been told by our friends and professionals!!” Then I have to say, “Your married? Oh sad, you did not need to spend all that. It is just a mater of re-positioning some assets so you can still keep all your net worth to fit the WAC’s. Wish I could have seen you a year ago.”
I also tell consumers in my class right up front so they know,
The Legislature never intended for BOTH spouses to become impoverished just because one of the spouses needs Long Term Care!
Now if you are single, it is a totally different story.
Many Americans now know they could outlive their retirement savings and eventually need to apply for Medicaid. What many don’t know is the Medicaid application makes applying for a home loan look easy. Social Workers require hundreds of documents and can even request financial records from up to 5 years ago! The Medicaid application can take months to process and their is no guarantee of acceptance. We have helped more than a hundred applicants successfully navigate the Medicaid process over the years. Assisting with everything from identifying medical needs that could warrant a Medicaid application, collecting assets, coordinating with Medicaid attorneys/accountants, and identifying companies that can meet those medical needs.
I have savings, why do I need Long Term Care Insurance?
Long term care insurance is regrettably something few have heard of and even fewer have researched. Too many on the cusp of retirement have restricted their planning to a company retirement program, 401k, and personal savings accounts. These are great if you can maintain your health and stay in your home. Sadly a single fall, stroke, or heart attack can make that impossible. If you or your loved one suddenly need the level of care only available only at a skilled nursing or memory care community your savings can disappear long before you do. Many think a comfortable retirement with budgeted expected expenses is around $40,000 a year. Just one year in such intensive care communities can be well over $100,000. Are you prepared for that?