The basic rule is that all of your monthly income goes to the nursing home, and then Medicaid pays the nursing home the difference between your monthly income. The basic rule is that all of your monthly income goes to the nursing home, and then Medicaid pays the nursing home the difference between your monthly income and the amount the nursing home allows you under your Medicaid contract. It's a crime not to disclose all assets to Medicaid, including annuities and mortgage bonds, even if they don't generate current income. Hiding these assets can result in a prison sentence.
It's essential that individuals ensure full transparency when providing information to Medicaid to avoid any legal consequences. Nursing homes don't take the assets of people who move into them. However, nursing care can be costly and paying for the costs may require you to spend your income, take advantage of your savings and even liquidate your assets. Many people receive long-term care at home, while others receive long-term care in an assisted living facility or nursing home.
We assist clients at every stage of the planning and treatment process for long-term care and other end-of-life issues. This means that a person's income and assets must first be used to pay for care before they can apply for public assistance. There are also cases where your home is exempt from recovery requests, such as when your surviving spouse is still living there. These modern policies are designed to cover the costs associated with in-home care, adult foster care, assisted living facilities, and nursing homes, allowing people to receive the help they need while remaining in their preferred environment. In cases where one spouse is in a nursing home while the other is living at home, it is generally possible to protect almost all of the assets of the spouse who stays at home.
Keep in mind that you are not feeling well yet, you need help getting in and out of bed, you have incontinence and are still very weak. Generally speaking, it is illegal in the United States to use public assistance to pay for long-term care until all of the private remedies of the person in need of care have been exhausted. Older people are very likely to spend extended periods in a nursing home; according to the results of the New England Journal of Medicine, it is estimated that 43% of people aged 65 and over will spend some time in such facilities over the course of their lives.
