A nursing home stay, even a brief one, can quickly deplete retirement savings. Even when you are in relatively good health, it’s a good idea to think about planning ahead for nursing home care in order to prevent sudden and surprising costs. This process is usually referred to as Medicaid planning.
Medicaid planning is very valuable, since the government agency determining eligibility looks back over the previous five years to determine whether you have attempted to transfer any assets. This is why planning when a potential event is not on the horizon is even better, because a sudden medical event can be crippling to a retired couple or widow/widower.
The sooner you contact an elder law professional to talk about your options, the better. The specifics of your planning will depend largely on your circumstances, but there are strategies you can employ in order to protect your estate in a meaningful way. Scrutiny can be an issue for individuals or couples that appear to be wealthy, but taking some steps now to give away some assets or set up a plan to prepare over the course of several years may pay off in spades if you or your spouse ever need nursing home care.
There’s a lot of confusion over what Medicaid does and doesn’t allow- make sure you’ve received the most accurate information from your elder law professional. Send us a message today at firstname.lastname@example.org.