Whether you can’t qualify for long term care insurance because of health issues or just doesn’t fit your budget, doesn’t mean you have no options. If you fall into this category, coming up with a plan to protect most or all of your assets will benefit you and your loved ones if you should need assistance with a long term care need.

If you have too many assets/income to qualify for assistance, but you don’t have enough money to pay the long term care bill, you should work with a professional to craft a plan. The alternative would be to spend everything until you qualify for medicaid, which in most states usually means you can only have about $2,000 in assets and keep about $60/mo of income (for an individual – married couples can usually keep a little more assets and income). This forces you to sacrifice the majority or all of your assets/income may leave your spouse and any dependents destitute. You may also lose the freedom to choose where you’d like to receive your care, and possibly the type.