Find the best way to finance your parents’ long-term care

  • Consider Medicaid as an option for long-term care expenses
  • Selling the house should be a last resort
  • Reverse mortgage may disqualify parents from Medicaid eligibility
  • Consult with an estate or eldercare attorney to understand state-specific rules
  • Be aware of lookback periods and eligibility requirements for Medicaid
  • Understand the potential impact of estate recovery on beneficiaries
  • Start researching long-term care options and costs in their area
  • Plan ahead to protect retirement security

When it comes to paying for long-term care, there are several options to consider. Medicaid can be a viable option, but it’s important to understand the eligibility requirements and potential impact on assets. Selling the house should be a last resort, as it may put valuable assets at risk. A reverse mortgage can provide funds, but it may disqualify parents from Medicaid. Consulting with an estate or eldercare attorney is crucial to navigate state-specific rules and lookback periods. It’s also important to inform beneficiaries about the potential impact on their inheritance. Researching long-term care options and costs in their area is essential for planning ahead. By taking these steps, you can find the best way to finance your parents’ long-term care while protecting their assets and retirement security.

Public Companies:
Private Companies: undefined
Key People: Brian Tully (founder and managing partner at Tully Law Group)

Factuality Level: 7
Justification: The article provides information on Medicaid, selling a house, and reverse mortgages as potential options for paying for long-term care. It also mentions the lookback periods and estate recovery process associated with Medicaid. However, the article lacks specific details and examples, and it does not provide a comprehensive overview of all available options. Additionally, the article does not address potential drawbacks or risks associated with each option. Overall, while the article provides some useful information, it could benefit from more in-depth analysis and a balanced presentation of the topic.

Noise Level: 6
Justification: The article provides some relevant information and advice on how to pay for long-term care, including Medicaid, selling the house, and reverse mortgages. However, it also includes some repetitive information and does not provide a thorough analysis of long-term trends or antifragility.

Financial Relevance: Yes
Financial Markets Impacted: No

Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article discusses long-term care and financial planning for elderly individuals, which is relevant to financial topics. However, there is no mention of any extreme events or their impact.

Reported publicly: www.marketwatch.com