Clearing Up Misconceptions About Long-Term Care

Many seniors fear a loss of assets if they go into a nursing home other type of assisted living facility.  Common concerns are:

• Can assisted living take your assets?
• Can the government take your house to pay for care?
• Can a nursing home take your vehicle?

The short answer is no.  You are in full control of how you pay for nursing home care.

If your current income or assets is too much to qualify for Medicaid benefits then you have options.  Maybe you have long-term care insurance or savings set aside.  You may get a gift from your children or friends.  You may decide to sell your home and use the proceeds for medical care. 

Understand that Medicare is what you have paid into but Medicaid is funded by state tax payers.  If you are not dependent on Medicaid you have options available.  The important thing to know is that the strategy you take is your choice and no one will seize your home or any assets  for your loved ones you have set aside.

We advise consulting with a professional who would be familiar with planning for long-term care and Medicaid law in your state.

Medicaid: How It Actually Works with Nursing Home Costs

Medicaid is the government program that helps an applicant pay for long-term nursing home care—but to qualify, there are strict income and asset limits.

So, what does that mean for you?

• You don't have to be broke, but you do need to meet Medicaid’s financial requirements.
• Your primary residence may be exempt (up to a certain equity limit), especially if a spouse or dependent still lives there.
• Medicaid does have a "look-back period"—usually 5 years—where they review asset transfers. If you gave away money or property during that time, it could delay your eligibility.

Estate Planning And Elder Law: Consult Experts to Protect Assets

The costs of paying for long-term care can get expensive.  If you’re concerned about losing your home, life savings, or investments to nursing home costs, estate planning is where you start.  If possible do this before applying for Medicaid.  You should consult with a professional estate planner and/or an elder law firm to guide you on how to best cover nursing home expenses.

Trusts and estate planning isn't just for the wealthy.  Asset protection is for anyone who wants to make sure their hard-earned assets don’t get eaten up by unexpected medical costs.

Tools like revocable trusts, irrevocable trusts, powers of attorney, and transfer-on-death deeds should a spouse pass away can help you protect assets and still qualify for government assistance, if that’s needed down the road.

Take Action Now

If you’re reading this for yourself, a parent, or someone you care about—take heart. Don't suffer the penalty of transitioning into a lifestyle where nursing home care costs diminish your desired retirement lifestyle. 

Ensure you make a decision based on comprehensive researched performed with a professional that will help you understand things and have peace of mind.So stop worrying what the state can sieze and at least do these two things:

• Meet with an experienced elder law attorney or estate planner familiar with Medicaid rules in your state.
• Know the rules before you need them.  Understand what assets may make you ineligible for medicaid benefits

For official info on this topic, check out:

• Medicaid.gov – Long-Term Services and Supports)
• Eldercare Locator – U.S. Administration on Aging
• National Academy of Elder Law Attorneys

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