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If
you have worked hard all your life and
managed to put away a nest egg, you might
end up losing most of your life savings
because of a defect in Medicare.
If you or your spouse suddenly become
ill and require extended nursing home
care…NO ONE will help you with the
nursing home bills. Medicare won’t
and neither
will your health insurance. By law you
are responsible for the nursing home bills
yourself. Only after you have used up
virtually all of your money, will Medicaid
step in.
That’s because Medicaid, like Welfare,
only aids the poor. By some estimates,
the average couple’s life savings
can be wiped out after only 13 weeks of
nursing home care. Rich people don’t
have to worry because they can afford
superexpensive special nursing home insurance,
while the poor are taken care of by Medicaid.
Now that just doesn’t seem fair
to working people with a lifetime of hard-earned
savings. The system they have supported
with tax dollars, seems to have forgotten
them. Savings intended to provide security
in retirement, or help for children, can
quickly go up in smoke.
The fact is, if you don’t know how
to protect your assets, here’s what
can happen to you. By law, before Medicaid
will pay nursing home bills, you may have
to spend all your countable assets except
$2000 (or as low as $1500 in some states).
Countable assets mean not only money in
checking and savings accounts…but
also any funds in CD’s, IRA’s,
Savings Bonds, Mutual Funds, stocks, whole
life insurance, annuities and other types
of investments, as well as most trust
assets.
They can also take a vacation home or
a second car. In addition, (except for
a small personal spending allowance and
a health insurance payment allowance)
your entire Social Security or pension
check can be taken to cover nursing home
expenses. What’s more, if Act, if
one spouse requires extended nursing home
care, the healthy spouse can be forced
to surrender HALF of their combined countable
assets. And if you have a sizeable estate,
they can legally take MORE THAN HALF.
Is there anything you can do to stop this
nightmare from happening to you? Yes.
You are protected by law and can use several
legal techniques to place your countable
(or vulnerable) assets into the uncountable
(or protected) category. The problem is,
most people are not aware of their legal
rights. Unfortunately, most people think
Medicare will take care of them, so they
unknowingly leave their assets vulnerable
and in jeopardy.
Your legal rights and the many methods
of protecting your money are now revealed
in “How to Protect Your Financial
Security.” This financial self-defense
manual tells you simple legal procedures
for preserving your money and warns of
pitfalls to avoid.
Here is some of the valuable material
you learn:
• Legal ways to turn countable (or
vulnerable) assets into uncountable (or
protected) assets
• How to protect your house from
being sold to pay your nursing home bills
• How to protect a second car or
vacation home
• If you give your money to your
children without following these precise
guidelines, a nursing home could get your
money anyhow
• What you need to know about Living
Trusts
• What lawyers never tell you about
protecting your will
As a hard-working taxpayer, you have a
legal right to protect your life savings
for yourself, your spouse or your heirs.
You don’t have to be rich to have
peace of mind. You just have to follow
the easy steps outlined in “How
to Protect Your Financial Security.”
©2006 The Leader Co., Inc.
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