Most people intend to fully care for their loved ones as long as possible. However, providing constant care may not always be an option and other alternatives like nursing home assistance may be necessary.
You have probably heard that nursing home care is expensive and will most likely deplete all of your hard-earned assets. Pre-planning to qualify for Medicaid benefits could give your loved ones the constant care they need while also preserving your assets. For example, one option to pre-planning for Medicaid benefits is the proper use of Medicaid trusts.
If you are unable to pre-plan and are in a crisis situation to obtain Medicaid benefits, you have other options available to you. Rather than just spending down all of your assets to pay for your spouse’s medical care, one option if you are married, is to pursue a division of assets. A division of assets could ensure that your spouse receives Medicaid benefits while preserving assets for your well-being up to approximately $119,000 and joint income of up to approximately $2,900/per month.