What would you do if a loved one was diagnosed with dementia and had to move to a memory care facility? The cost could easily exceed $9,000 per month which could quickly exhaust your savings leaving you penny less.
Paying for long-term care is frightening. Finding understandable answers is difficult. Fortunately, there remain resources to help pay for care without going broke. Medicaid is a Federal/State entitlement program that helps pay for long-term care. To qualify, one must be medically needy and meet resource and income rules.
An individual applying may only have “countable assets” up to $2,000. A couple’s assets may not exceed $55,547 or half the value of the assets up to $123,600 if the ill spouse has been in care for 30 days.
A legal strategy before applying is to transfer all the assets to the "well" spouse. The well spouse will then “spend down” to the allowable amount by either purchasing non-countable assets (prepaid burial or home improvements for example) or buy a “Medicaid Approved Annuity.”
The rules are complex. To learn more register for a FREE Elder Law Workshop, or call to schedule a FREE consultation.