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  • Paying for nursing home care in a crisis: planning to save a portion of assets:

In this age of scientific advancement, people are living longer. While this is considered a positive, it does place a strain on paying for long term care. People are exhausting their savings paying for long term care, and are left with little money to pay for their future care. When this occurs, the only option left to the senior is to go into a nursing home where they will likely have a roommate. Nursing home Medicaid is a program that pays for nursing home car for those who show a medical need for such care. Along with showing a medical need for such care, an applicant seeking nursing home Medicaid must meet asset and income tests to qualify. It is fairly widely known among financial planners and healthcare professional that an applicant can transfer assets five years before needing Medicaid and not face a transfer penalty. What is lesser known is that there are strategies to preserve a significant number of assets even if the senior has an immediate need for nursing home Medicaid. These strategies take advantage of transfers that are exempt from the transfer penalty and other techniques to reduce the amount of assets that count against the receipt of Medicaid. There are also methods to save between 50 to 70% of assets not otherwise protected. The methods to save assets from a nursing home bill can be very complex. The assistance of a qualified elder law attorney is needed to ensure the transfers do not cause unnecessary delay in the receipt of Medicaid benefits