It is a common problem. One spouse’s health is declining. The other spouse is relatively healthy but is having trouble continuing to provide care for the unhealthy spouse at home. Something has got to give. Soon some kind of long-term care facility will be necessary. But how will they afford it?
According to the 2010 Market Survey of Long-Term Care Costs conducted by Metlife, the annual cost of a semi-private room in a Cleveland area nursing home was $75,190 and a private room was $87,600.
Moreover, counter to popular belief, Medicare will not cover prolonged nursing home care. Medicare Part… Read the rest
I was just reading a national long-term care website advocating the use of annuities for Medicaid planning purposes. The website stated that in the case of a married couple, where the institutionalized spouse (that is the one in a long-term care facility) has been approved for Medicaid, instead of spending down his spousal share, he can simply give the money to his wife and have her purchase an annuity for her benefit.
This assertion is false in Ohio and provides a powerful example of how important it is to consult with an attorney knowledgeable in Ohio Medicaid law before proceeding with any planning… Read the rest