The vast majority of people over the age of 65 will need some type of long-term care in their golden years, which can be expensive. Fortunately, Medicaid covers the costs of nursing home and other care facilities, although there are strict financial requirements that must be met. If you or a loved one needs to move into an assisted living facility, an estate planning attorney can work with the government on your behalf and help you keep as many of your assets as possible.

Medicaid Nursing Home Coverage Requirements

The “Countable Assets” Maximums

Before covering the costs of a nursing home, Medicaid requires patients to have exhausted their resources first. To qualify, single individuals are allowed no more than $2,000 in “countable assets,” which includes savings, retirement funds, IRAs, 401(k)s, or permanent life insurance with a cash value. The guidelines for married couples are more generous, allowing the healthy spouse to retain all of their income, a vehicle, the marital home, and many other assets.

Surrendering Your Assets

One common misconception regarding nursing home care is that Medicaid recipients are required to turn over control of their bank accounts and the title to their house to the nursing home. While Medicaid does expect recipients to spend their own resources first, you should not have to give the facility access to your personal accounts.

Keeping Your House

While married couples with one healthy spouse may be able to keep one home and still qualify for benefits, single individuals may only be able to claim a temporary exemption. However, a skilled estate planning attorney can often find other solutions, either by transferring the home to a loved one or helping you keep some of the money generated by the sale.

Navigating the Medicaid system can be confusing and frustrating, which is why families throughout Chillicothe, OH, rely on the estate planning attorneys at the Rutherford Law Office. Their team of talented legal professionals offer an in-depth understanding of the system and a compassionate approach to helping you get the benefits you deserve. Visit their website or call (740) 775-7434 to speak with an estate planning attorney today, and follow them on Facebook for news and updates.