Medicaid planning is the solution for many people who are concerned about potential nursing home costs. Most people are aware of the fact that Medicaid is a health insurance program for financially needy people. The program does pay for long-term care, and even though it is a need-based program, many people who were never poor can qualify for Medicaid.
This can be done in one of two ways. You could become poor paying for nursing home care out of your own pocket, and Medicaid would then step in to cover the rest of your care.
The other possibility would be to plan ahead in an intelligent fashion with future Medicaid eligibility in mind. This can be done by a careful, measured divestiture of assets.
Household goods and personal effects do not count, and your heirloom jewelry, wedding ring, and engagement ring are not countable assets. A single vehicle that is used as a mode of transportation would not be counted, and unlimited term life insurance is allowed.
In many cases, a healthy spouse will be capable of independent living when his or her spouse requires nursing home care. Under these circumstances, the healthy spouse is entitled to a Community Spouse Resource Allowance.
If you are faced with these circumstances, call us today to discuss your options.