Liquidating assets before nursing home
Everyone, not just the elderly, needs to be concerned with payment of high nursing home costs.The cost for nursing home care in the state of Ohio is ,000 to ,000 per month.
You need a comprehensive MAP to protect your money. There are many more planning techniques, but a personal evaluation of YOUR assets, family and health is needed to prepare an appropriate MAP.The government is now providing some incentives for people to purchase Long-Term Care Insurance rather than applying for Medicaid. Why Medicare Really is NOT Helpful (Even though Everyone Thinks it is)! Medical Eligibility In order for the applicant to qualify, Medicaid requires that the nursing home patient need an intermediate or skilled level of care, and a physician must complete a form to prove medical need.Medicare coverage for nursing homes is extremely limited. Thus, Medicaid generally will not cover individuals in assisted living facilities. Income Eligibility Criteria Generally, the only income limitation is that the applicant's monthly income be less than the nursing home's monthly charges.A MAP variation is to use an Irrevocable Trust to hold the gifted money.The rules for a penalty period are the same as for a gift to a person.