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Here in Savannah, we love our historic homes and beautiful landscapes. But when it comes to planning for the future, many of us aren’t prepared for one of the biggest potential expenses we might face: long-term care. At Smith Barid, LLC, we’ve seen how lack of preparation can impact families, and we want to help you be ready.

The Reality of Long-Term Care Costs

Let’s start with some sobering facts. According to recent data:

That adds up quickly, doesn’t it? And here’s the kicker: Medicare doesn’t cover most long-term care expenses.

Who Needs Long-Term Care?

You might be thinking, “That won’t be me.” But consider this: About 70% of people turning 65 today will need some form of long-term care in their lifetime. It’s not just for the elderly, either. Accidents or illnesses can create a need for long-term care at any age.

Options for Covering Long-Term Care Expenses

So, how can you prepare? Here are some options:

  1. Long-Term Care Insurance: This can help cover costs, but premiums can be high, especially if you wait until later in life to purchase a policy.
  2. Self-Funding: If you have significant assets, you might plan to pay out of pocket. But be careful – long-term care costs can quickly deplete your savings.
  3. Medicaid Planning: With proper planning, you may be able to qualify for Medicaid to cover long-term care costs while protecting some of your assets.
  4. Hybrid Life Insurance Policies: Some life insurance policies now offer long-term care riders, providing a dual benefit.
  5. Reverse Mortgages: For some Savannah homeowners, this might be an option to access home equity to pay for care.

The Importance of Early Planning

The key to managing long-term care expenses is to start planning early. Here’s why:

Medicaid Planning in Georgia

In Georgia, Medicaid (called Georgia Medicaid) can cover long-term care costs, but there are strict income and asset limits. Many Savannah residents assume they won’t qualify, but with proper planning, you may be able to protect some assets while still qualifying for benefits.

Some strategies we use include:

Remember, Georgia has a five-year look-back period for asset transfers, so it’s crucial to plan well in advance.

The Savannah Perspective

In Savannah, we see unique situations that require careful planning. Maybe you own a historic home that’s been in your family for generations, or perhaps you have a small business on River Street. These assets require special consideration in your long-term care plan.

Also, our warm climate and beautiful surroundings make Savannah an attractive retirement destination. If you’ve moved here from another state, it’s important to review your long-term care plan, as rules and costs can vary significantly between states.

Taking the Next Step

Preparing for long-term care expenses isn’t just about money – it’s about peace of mind. It’s about knowing that you’ll be cared for without burdening your loved ones. It’s about preserving your legacy for future generations.

At Smith Barid, LLC, we understand the complexities of long-term care planning in Georgia. We can help you create a plan that protects your assets, ensures you’ll receive the care you need, and gives you and your family peace of mind.

Ready to start preparing for your future? Give us a call at 912-352-3999 or click here to schedule an initial discovery meeting. Let’s work together to create a long-term care plan that’s as solid as the foundation of your Savannah home.

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