One of the most significant problems facing the elderly is paying for long-term or nursing home care. The average monthly cost for a Medicaid certified facility in our area is $10,000. Long-term care insurance can be useful for individuals who are healthy enough and affluent enough to afford it.
Medicaid was established by the federal government and is a federal-state program of medical assistance that pays for nursing home care for qualified individuals. Medicaid eligibility is determined based upon the individual’s monthly income and their available resources.
The goal of Medicaid Planning is to:
- Determine which assets are available and which assets are unavailable;
- Determine which assets are transferable without a penalty;
- Determine whether it is preferable to complete a transfer and incur the penalty;
- Provide the community spouse with enough assets and income; and
- Pass as much of your hard earned money and assets to your children and grandchildren as is possible.