Medicaid (Asset Protection) Planning
Gummer Elder Law
Elder Care, Nursing Home Care, Medicaid
Among the concerns of a family facing the prospect of admitting a loved one to a nursing home is how they will afford the costs, which in Pennsylvania, average around $9,000-$10,000 per month.
Unless you have long-term care insurance to cover your care, the only option is to pay for the care yourself until your assets are exhausted and then apply for Medicaid. Medicaid is a joint federal/state program begun in the 1960s to provide medical care, including nursing care, to those who cannot afford it.
There are a number of resources that are not counted in determining your eligibility for Medicaid. These include your automobile, household goods, clothing, jewelry, a gravemarker, a pre-paid funeral, and your home if you state an intention to return to it after your nursing home stay, or it is used as the principal residence of your spouse or dependent child.
To learn more about navigating the complexities of Medicaid asset planning, contact us!
, Nursing Home Care