Healthcare speaker Elaine K. Sanchez, EKSanchez.com, discusses what you need to know about Medicare, Medicaid and paying for long-term care in this mini-excerpt from her half-day Boomer Boot Camp Workshop – Getting Prepared to Care for Elders. Elaine points out the difference between Medicare and Medicaid. Medicare was never intended to pay for long-term nursing care. The benefits are short term and very limited. Medicaid pays for long-term care for individuals who have very little income and very few assets. So if you are extremely wealthy, you can probably self-insure and pay for your own long-term care. If you are at the other end of the spectrum and have very limited resources, you might qualify for Medicaid. If you or your parents fall somewhere in the middle, and if you have assets you would like to pass on to your spouse and children, then it is critically important to make plans. Costs for long-term care range from 00 a month for assisted living up to 000 (or more) for advanced dementia care. An elder law attorney can help a couple make plans that will pay for long-term care for one partner without leaving the spouse impoverished. It is important to get legal advice, as there are a stringent laws about giving away or spending down assets. An independent long-term care insurance representative can also help you find a long-term care insurance policy that will make paying for long-term care manageable. Your age at the time of purchase affects the monthly …

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