Justin, I’ve heard that you have to spend all your money before Medicaid will help pay for nursing home care. Is that true? — Harold
Harold, This is one of the most common fears people have, and thankfully, it’s not true. Medicaid does have strict asset limits, but that doesn’t mean you must spend everything before qualifying.
Certain assets are exempt, like your home, one vehicle, personal belongings, and certain prepaid funeral plans.
Also, there are legal planning strategies to protect savings above the exempt amounts. For married couples, special rules protect the healthy spouse from being left with nothing. Even for single applicants, it’s often possible to protect significant assets through trusts or other planning tools.
The worst thing you can do is start spending down money unnecessarily or giving things away before getting advice. We help families qualify for benefits while protecting as much as possible.
If you’re facing nursing home costs and are concerned about the idea of asset protection, visit ElrodFirm.com to learn more or schedule a no-charge strategy session to see what options are available. We’d be happy to help.