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14 Growing Old Without a Plan for Long Term Care is not for Sissies Under no circumstances should you assume you will receive this beneft. You certainly might, but there is also a signifcant chance you might not, especially if the cause of your need for care is permanent, not temporary. Medicaid I’m often asked: “Can’t I just plan for Medicaid to pay for my long term care if and when I need it?” The answer is “Maybe.” If you’re single and have no dependents and your attitude is “I came into this world with nothing and I plan to leave with nothing” then planning to use Medicaid for long term care can be a viable option for you. Also, if you have limited assets and income to protect, then you should probably plan to rely on Medicaid for your long term care because buying a Long Term Care Insurance policy may not be affordable. However, if you have accumulated at least a moderate amount of assets that you would like to leave for your spouse or give to your children, your church or another charitable organization when you pass away, you probably should not plan to rely on Medicaid for your long term care. Simply put, Medicaid requires you to spend your own money to pay for your care prior to receiving Medicaid benefts. This usually means liquidating assets including stocks, bonds, cash value of life insurance and more. If the asset produces income, Medicaid may not require you to sell it but will require you use the income to pay for your care and can require your estate to liquidate that asset upon your death to reimburse Medicaid for what they have paid on your behalf. Provisions in the Omnibus Budget Reconciliation Act of 1993