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The Complete Idiot's Guide to Long-Term Care Planning

Marilee Driscoll, The Complete Idiot's Guide to Long-Term Care Planning. (Alpha Books, Indianapolis, IN: 2003). 340 pages.

Price: $21.95 from Amazon.com -- click on book to order.

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If you're not an idiot, trying to understand our country's baffling patchwork of payment sources for long-term care will make you feel like one. To the rescue comes this book, which makes a difficult subject highly understandable and readable--without "dumbing" it down.

Author Marilee Driscoll, a speaker and long-term care expert, begins by explaining why everyone should consider long-term care planning. She then reviews the many ways to pay for long-term care, including the tradeoffs and pitfalls of Medicaid planning; how annuities, reverse mortgages and life insurance can be useful; the realities of paying for care oneself; and how much Veterans' benefits and Medicare will cover.

A good third of the book, however, is devoted to long-term care insurancewhat it costs and covers, who needs it, and how to design a policy and choose an agent. Many people harbor the fantasy that by the time they require long-term care, the government will have set up a system of coverage for everyone. Ms. Driscoll doesn't see this happening. Instead, she says the government is increasingly using tax breaks to promote the purchase of insurance.

Guides like this one are not so much for complete idiots as for people who are rendered unconscious by dry explanations of governmental rules and insurance clauses. The Complete Idiot's Guide to Long-Term Care Planning avoids this pitfall admirably. The pages are broken up by many headers, boxes and sidebars, and Driscoll writes in a folksy, conversational style. For example, to illustrate a point about the flexibility of life insurance, she recounts a classic skit from Saturday Night Live. She also includes many anecdotes from her own experience, which is a reminder that this book was written by a real person, not a committee.

On the downside, while the book's appendix includes the ElderLawAnswers Web site, our name is listed incorrectly ("Elder Answers") and the description fails to note that we are a leading source for finding qualified elder law attorneys. Also, early on in the book Ms. Driscoll states that Medicaid never pays for unlicensed or family caregivers. This is not true in all states; a number of states have obtained waivers from federal Medicaid rules making it possible to get reimbursement for family caregivers.

But these small missteps shouldn't dissuade anyone from exploring this highly readable yet comprehensive resource on how to plan for a crisis that could derail even the best-laid retirement plans.

 


Created date: 07/06/2006
Medicaid 101
What Medicaid Covers

In addition to nursing home care, Medicaid may cover home care and some care in an assisted living facility. Coverage in your state may depend on waivers of federal rules.

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How to Qualify for Medicaid

To be eligible for Medicaid long-term care, recipients must have limited incomes and no more than $2,000 (in most states). Special rules apply for the home and other assets.

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Medicaid’s Protections for Spouses

Spouses of Medicaid nursing home residents have special protections to keep them from becoming impoverished.

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What Medicaid Covers

In addition to nursing home care, Medicaid may cover home care and some care in an assisted living facility. Coverage in your state may depend on waivers of federal rules.

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How to Qualify for Medicaid

To be eligible for Medicaid long-term care, recipients must have limited incomes and no more than $2,000 (in most states). Special rules apply for the home and other assets.

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Medicaid’s Protections for Spouses

Spouses of Medicaid nursing home residents have special protections to keep them from becoming impoverished.

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Medicaid Planning Strategies

Careful planning for potentially devastating long-term care costs can help protect your estate, whether for your spouse or for your children.

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Estate Recovery: Can Medicaid Take My House After I’m Gone?

If steps aren't taken to protect the Medicaid recipient's house from the state’s attempts to recover benefits paid, the house may need to be sold.

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Help Qualifying and Paying for Medicaid, Or Avoiding Nursing Home Care

There are ways to handle excess income or assets and still qualify for Medicaid long-term care, and programs that deliver care at home rather than in a nursing home.

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Are Adult Children Responsible for Their Parents’ Care?

Most states have laws on the books making adult children responsible if their parents can't afford to take care of themselves.

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Applying for Medicaid

Applying for Medicaid is a highly technical and complex process, and bad advice can actually make it more difficult to qualify for benefits.

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Alternatives to Medicaid

Medicare's coverage of nursing home care is quite limited. For those who can afford it and who can qualify for coverage, long-term care insurance is the best alternative to Medicaid.

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ElderLaw 101
Estate Planning

Distinguish the key concepts in estate planning, including the will, the trust, probate, the power of attorney, and how to avoid estate taxes.

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Grandchildren

Learn about grandparents’ visitation rights and how to avoid tax and public benefit issues when making gifts to grandchildren.

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Guardianship/Conservatorship

Understand when and how a court appoints a guardian or conservator for an adult who becomes incapacitated, and how to avoid guardianship.

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Health Care Decisions

We need to plan for the possibility that we will become unable to make our own medical decisions. This may take the form of a health care proxy, a medical directive, a living will, or a combination of these.

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Estate Planning

Distinguish the key concepts in estate planning, including the will, the trust, probate, the power of attorney, and how to avoid estate taxes.

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Grandchildren

Learn about grandparents’ visitation rights and how to avoid tax and public benefit issues when making gifts to grandchildren.

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Guardianship/Conservatorship

Understand when and how a court appoints a guardian or conservator for an adult who becomes incapacitated, and how to avoid guardianship.

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Health Care Decisions

We need to plan for the possibility that we will become unable to make our own medical decisions. This may take the form of a health care proxy, a medical directive, a living will, or a combination of these.

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Long-Term Care Insurance

Understand the ins and outs of insurance to cover the high cost of nursing home care, including when to buy it, how much to buy, and which spouse should get the coverage.

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Medicare

Learn who qualifies for Medicare, what the program covers, all about Medicare Advantage, and how to supplement Medicare’s coverage.

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Retirement Planning

We explain the five phases of retirement planning, the difference between a 401(k) and an IRA, types of investments, asset diversification, the required minimum distribution rules, and more.

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Senior Living

Find out how to choose a nursing home or assisted living facility, when to fight a discharge, the rights of nursing home residents, all about reverse mortgages, and more.

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Social Security

Get a solid grounding in Social Security, including who is eligible, how to apply, spousal benefits, the taxation of benefits, how work affects payments, and SSDI and SSI.

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Special Needs Planning

Learn how a special needs trust can preserve assets for a person with disabilities without jeopardizing Medicaid and SSI, and how to plan for when caregivers are gone.

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Veterans Benefits

Explore benefits for older veterans, including the VA’s disability pension benefit, aid and attendance, and long-term care coverage for veterans and surviving spouses.

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