3/27/2017

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Medicaid (Your Assets)

Although medicaid may be a big help if you, or your spouse, becomes ill and require long term care in a nursing home or other facility, it could also become a nightmare as far as your assets are concerned.

Neither your health care insurance or medicare may be there to pay the day to day costs of nursing home care. You are responsible for paying the nursing home bills yourself and unless you are wealthy and can afford the costs, your assets may be taken to cover the costs of the care.

Medicaid is designed to help those who cannot afford to pay for nursing home care, so if you have assets, such as a home, savings accounts, stocks and bonds, CD's, IRA's, mutual funds, and whole life insurance policies, they may be taken to pay the costs that are incurred.

Other assets that could be taken include cars, vacation homes, social security checks, pension checks, and you may lose your personal home and other assets to help pay for your nursing home healthcare expenses.

According to certain federal laws, if one spouse needs extended nursing home care, one half of all combined assets may have to be surrendered and depending on the extent of the nursing home stay, sometimes more than half may be taken.

Unless you are wealthy and can afford nursing home insurance, which is very expensive, you may be surprised to see your hard earned life savings taken from you to pay unexpected nursing home expenses.

Medicaid is designed to help those who can not afford to pay for nursing home care, which has a meaning that most people don't comprehend until it is too late. If either you or your spouse end up in a nursing home for an extended stay, you can not own a lot of assets. If you have any type of assets and if they are not protected, you may lose them. This may be a real concern for most people.

If you are planning to transfer your home or other vulnerable assets, there is usually a specified time limit involved, usually two or more years.

It is always advisable to consult an attorney for advice on the disposition of your assets, whether it is through a will or living trust, gift, transfer of real estate, or by other means.

Never wait until something drastic happens before you decide to take care of your business because injury, illness, and death can happen more quickly than most people even care to think about.

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