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If one gets a major illness, how can we protect our savings-net worth for other?

Are you concerned over the potential high costs of medical or custodial care? For medical costs, these should be covered by either Medicare + Medigap insurance, or a private Medicare Advantage plan. How much you will have to pay in copays and deductibles will depend on your coverage. If you are concerned about custodial care costs, there are a number of variables in asset protection before taxpayers (Medicaid) will pay for long term care, to include:

1. Whether your state is a community property or common law property state
2. What your state considers 'exempt' assets
3. How much in non-exempt assets your state will allow the spouse to retain.

If you, or a family member, checks you should be able to find an elder-law attorney near you that charges a reasonable rate for this kind of advice for your state.

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