Attorney-CPA Joe Cordell and co-host Susan Arthur discuss the various elements to long-term care and the various methods involved in paying for it. They break down the monthly costs of assisted care and nursing home care and how city care can differ in cost and quality from rural care.
Joe and Susan talk about long-term care insurance and how the costs of prescription medications can impact your finances. They also touch on the possibility of being able to afford paying for long-term care yourself and how many make assumptions regarding having your children assist in paying for the costs of long-term care.
Joe talks about the assumption of financial risk when you are younger and planning for the future, and highlights the differences between the advice he may give to someone younger and able to take the risks versus someone older who cannot afford to take on financial risk.
Joe and Susan talk about qualifying for government programs, such as Medicaid, in order to qualify for long-term care. They talk about the Medicaid planning process, as well as the utilization of irrevocable trusts.