There are things that can be done with trusts to shield some of your estate for your survivors. But all that really does is get you onto Medicare sooner. (We actually had nursing homes suggest/encourage us to “spend down” her estate so that she would qualify for Medicare.)
Long Term Care insurance would provide some security. However, having been in the insurance business years ago, I can tell you that LTC insurance is incredibly expensive. Few can afford the premiums.
It’s a crappy situation but this scenario gets played out every single day by thousands of people. Due to advances in medicine people now live longer. Unfortunately, the cost of medical care has skyrocketed at the same time.
Thanks for your reply.
I think you mean Medicaid.
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