| 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 $7,500. 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. 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.
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