Planning Ahead: How to Afford Long-Term Care Without Losing Everything

Episode Summary: In this episode of The Estate Blueprint, elder law attorney Thomas Begley III discusses how families can plan for long-term care without depleting their life savings. From understanding the differences between skilled and custodial care, to breaking down Medicaid eligibility, to navigating the five-year lookback period, Tom shares essential legal strategies that help protect family assets and provide quality care. Whether facing a sudden medical crisis or preparing years in advance, this episode is a must-listen for anyone with aging parents or concerned about future healthcare costs.

Key Timestamps:

00:00 – Introduction to The Estate Blueprint and long-term care planning 00:39 – Why most Americans will need long-term care and how few have coverage 01:06 – How changes in Medicaid law could impact future planning 01:36 – Why most insurance policies do NOT cover long-term care 02:32 – The rising cost and limited reach of long-term care insurance 03:07 – Skilled care vs. custodial care: what’s covered and what isn’t 04:18 – Understanding Medicare’s limitations and co-pay myths 04:48 – Why early planning is essential for preserving family assets 05:22 – What Medicaid does and doesn’t cover in nursing homes or at home 06:07 – Assisted living vs. skilled nursing: eligibility and limitations 07:14 – How Medicaid “slots” work—and what happens when they’re full 08:05 – Why private pay may be required before Medicaid acceptance 09:06 – Can families protect assets before Medicaid kicks in? 09:56 – The dangers of “street law” and bad legal advice 10:34 – Understanding countable vs. non-countable assets 11:28 – Special protections for married couples and community spouses 12:33 – Why home title transfers and spousal wills are key to protection 13:14 – What is the Medicaid “look-back period” and why it matters 13:58 – Examples of exempt transfers during the lookback period 15:01 – Real-life story: A costly mistake due to early application 16:28 – Why waiting five full years after a gift is critical 17:53 – How check deposit and deed recording dates affect eligibility 19:06 – Hidden risks in delayed Medicaid planning 20:19 – Why it’s not always “too late” to protect some assets 21:07 – Distinguishing between stroke cases and dementia care 22:04 – Timing strategies for Alzheimer’s and dementia diagnoses 23:00 – The ethical balance between saving money and ensuring dignity

About the Show:

The Estate Blueprint with Thomas Begley III is a trusted legal podcast dedicated to helping families navigate estate planning, long-term care, elder law, and asset protection. Each episode offers compassionate guidance and expert strategies to secure your legacy and protect your loved ones.

Resources:

Learn more or schedule a consultation: Begley3Law.com