There is an old saying: Having no plan is a plan. The corollary of course goes: Making no decision (and procrastinating) is a decision. Although the statistics for the likelihood of experiencing a long term care event are frightening, still many are unprepared for the financial burdens long term care will place on their families’ resources.
In terms of qualifying for Medicaid, where your eligibility for this benefit is based on income and assets, many people believe and find themselves spending down their assets until they are broke. It doesn’t have to be this way. With the help of an experienced elder law attorney, you may be able to qualify for Medicaid without having to give up everything that you have worked for, even if you have not prepared for this crisis and find yourself in a nursing home.