9 Tips You Must Know About Paying For Nursing Home Care

1. It’s possible to protect 100% of a married couple’s assets and still qualify for Medicaid assistance. Medicaid policy allows for certain asset transfers from the spouse in the nursing home to the spouse living at home.

2. The maximum amount of nursing home coverage by any Medicare plan is 100 days. In many cases, insurance companies won’t cover the full 100 days. Even if they do, it’s important to have a financial plan in place to cover costs after insurance coverage ends.

3. Owning a home does not disqualify someone from Medicaid. If there is a spouse living in the home, or the applicant has the intent to return to the home after receiving care, the house can be excluded from the countable assets.

4. You may qualify for Medicaid without losing your income. Medicaid policy allows for the person in care to divert some of their income to their spouse at home, depending on their gross income amount.

5. Married couples with assets may already be eligible for Medicaid. Certain assets like a primary residence, a vehicle and some financial products can often be excluded from counting towards the Medicaid asset limit.

6. If the person in care or their spouse is a veteran, they may be eligible for financial assistance from the V.A. There’s a benefit available from the V.A. that can help pay for long-term care costs. It’s estimated that only 5% of eligible seniors ever file for this little-known benefit.

7. Long-term care insurance has limitations to when it will pay and how much care is covered. You may be required to pay the full cost of care during a waiting period of 90 days or more before long-term care insurance will pay for care. Most policies also limit the daily amount they will pay.

8. Avoid cashing out a life insurance policy to help pay for care. In some circumstances, life insurance policies can be excluded from your Medicaid countable assets.

9. Seek help from a Medicaid planner. Most nursing homes don’t employ Medicaid planners. Always consult a professional before making changes to your financial policies, health insurance, life insurance, or estate planning documents.

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