Protecting Assets from Nursing Home Costs and Medicaid

By protecting assets, you may be able to qualify for Medicaid nursing home benefits. Read these tips for protecting your assets from nursing home costs.

Did you know that almost 70% of seniors will need long-term care assistance at some point in his or her life? Illnesses, disabilities, or a severe cognitive impairment, like dementia, often keeps people from living independently. Because of this, many seniors need help with basic self-care tasks.

In America, the government program that pays for nursing home care is called Medicaid. This federal and state medical program is for those who meet certain asset and income levels. By employing certain strategies to structure your assets, you may be able to qualify for Medicaid nursing home benefits.

Frequently asked questions about protecting assets from nursing home costs

Can you protect your assets from the high cost of nursing home care?

This depends on your marital status, whether you are already in a nursing home, and if you anticipate a lengthy stay in the nursing home. Both single individuals and married couples can own some property and still be eligible for Medicaid.

Is my house may be protected?

A Medicaid applicant can retain a principal residence, which is exempt property. After the Medicaid recipient’s death, however, the house is eligible for sale to reimburse Medicaid unless the house passes to a surviving spouse or children of the applicant.

Why you should hire an attorney to help you?

With advanced planning, many people have been able to protect their home and investments from expensive nursing home costs. These strategies for protecting your assets from nursing home costs are best handled by an elder law attorney. Since certain planning options may be better for your family than others, it’s important to speak with a knowledgeable elder law attorney to figure out the best option for you and your family.