Since September my Mother-in-law has only spent about three weeks in her home. The rest of the time she has been bouncing between hospitals and rehab facilities. She finally told my husband over the weekend that she realizes she needs to be in a nursing home. She has worked her whole life, but never earned very much, therefore, has not been able to save much. She was able to take advantage of a reverse mortgage to fund her life over many years. Now that long term care is facing her, what can she do? We have to get her qualified for Medicaid, not the best choice, but sadly, the only choice.
While health care is a hot topic right now preparing for long term care is not. Premiums for long term can be very expensive. Fortunately, the insurance industry is coming out with more options. If you have cash value life insurance by using a 1035 exchange, you may be able to convert your policy to a long term care policy. If you have tax deferred annuities, the 1035 exchange will work also for purchasing long term care.
Look at your family history for what your potential health outlook may be in retirement. The time to plan is while you still have time on your side.

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