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
When is it too late for Medicaid Planning?
Generally, if there is money left to be saved then there is planning that can be done. However, if you become incompetent then there is little that can be done to save financial assets titled in your name.
What does it mean to be incompetent?
According to Ohio law, a person is incompetent if he is so mentally impaired as a result of a mental or physical illness or disability, or mental retardation, or as a result of chronic substance abuse, that the person is incapable of taking proper care of the person’s self or property or fails to provide for the person’s… Read the rest
When I talk about Medicaid planning with people, I sometimes get negative responses. As one woman stated, “You mean, give Dad’s money away.” Often people believe that Medicaid planning is only about giving away assets and passing the financial burden of long-term care on to the state.
While it is true that Medicaid planning can certainly be used to preserve hard-earned savings, it is also about improving the quality of life for the individual in need of care and his or her loved ones.
For example, Medicaid Planning can be used to:
… Read the rest
- Increase the amount of money that the spouse of an individual in