I bought long term care insurance so I dont have to plan, right?
Many people are under this assumption but this is not necessarily true. Most people purchase long term care insurance to allow you the time to protect your assets, without planning or knowing in advance when you will need it. When you initiate your long term care policy, changes in your estate have to be made. Without long term care insurance, you can lose a significant part of your estate, if not all, unless you guess in advance when you are going to need care. With a 5 year look back on nursing home medicaid, you have to be a magician to know when this will be needed.
