If you need nursing home care, how will you pay for it? The average cost of nursing home costs can easily exceed $100,000 per year. This makes it a challenge to pay for care, let alone leave an inheritance for future generations. The Medicaid program can provide nursing home coverage – but only if you qualify i.e your assets are below $2,500. Therefore, most people do not have automatic Medicaid eligibility, until all their assets are spent down. Consequently, people need Medicaid Planning. Medicaid Planning involves repositioning assets in accordance with strict rules, so that you meet Medicaid eligibility requirements….
If you are applying for Medicaid, the institutional spouse (spouse in nursing home) and their community spouse (spouse not in nursing home) may protect their assets and lifelong savings, retirement IRA etc. by spending those assets on noncountable assets. These expenditures may include: prepaying funeral expenses, paying off a mortgage, making repairs to a home, purchasing a new automobile, updating home furnishings and equipment, purchasing insurance up to $1,500 buying a new home, if under $500,000, (in some states $750,000) puchasing an annuity In the case of married couples, it is often important that any spend-down steps be taken only…
My goal is to dispel the Medicaid Myths: 1. Myth: “Medicare will cover my nursing home bill." The Truth: Medicare only covers a small amount of the nursing home care provided in this country. Many older people are surprised to learn this. Medicare provides 20 days of full coverage if you spent at least three days in the hospital and need skilled care (not intermediate level care). Then, if you still need skilled care, you can get up to 80 days of partial coverage from Medicare, the co-pay will usually be picked up by your supplemental insurance. After that, you…
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