Liquidating assets before nursing home

Rated 3.91/5 based on 719 customer reviews

He and his wife, both having worked all their lives, were drawing decent Social Security, and Medicare took care of nearly all medical bills.

What he hadn't figured, however, ruined their well-laid plans.

Forty-three percent of those who turned age 65 in 2004 will enter a nursing home at some time during their life. It is not uncommon for a person who is forced to enter a nursing home to spend their entire life savings on nursing home care within the span of only a few months.

Since women generally outlive men by several years, they face a 50 percent greater likelihood than men of entering a home after age 65. Half of all couples with one spouse in a nursing home lose their life savings within only one year.

Many people are under the mistaken notion that Medicare would step in and pick up their nursing home bills.

But that's exactly why he had purchased a Medigap policy, choosing carefully one of the ten state-approved plans.

You are often at the mercy of the person on the other end of the phone or other side of the desk. Some senior living communities offer a “financial concierge service” that can help guide you through the process of qualifying for benefits. However, if you cannot afford or cannot find a geriatric planner, with a little determination and perseverance you can achieve the same results.

Depending on how they feel that day, how eager they are to get home, or how devoted they are to helping people often makes a difference in the information they share with you. Ask questions to see if there is any way you could qualify. Here are the most common ways people pay for Assisted Living. If you have a Long-Term Care insurance policy, it should cover assisted living as well.

But above all, he had arranged his finances so that his wife would become eligible for nursing home assistance almost immediately.

He knew what were 'countable' assets and which were 'exempt' assets; he knew the latest twists and Turns in the Medicaid rules.

Leave a Reply