A major change has gone into effect regarding the retirement accounts of spouses of those who are applying for Medicaid on or after July 26, 2024. This change will impact married couples who are faced with one spouse needing long-term care, either at home or in a skilled care nursing facility. The retirement accounts of the healthy spouse had previously been exempt, or “off the table”, as a resource during the Medicaid application process. The
Medicaid, a joint federal and state program, assists those requiring long-term care in nursing homes. In order to qualify for Medicaid to help pay for long-term care, one must meet strict financial eligibility requirements. Clients often ask if they can just “give away” assets to friends or family to qualify for Medicaid. Typically, any significant transfer of assets made within five years of a Medicaid application will result in penalties. In Indiana, a one-month penalty
In the realm of personal asset protection, safety deposit boxes have long been heralded as a bastion of security. However, a deeper investigation revealsthat these seemingly impenetrable vaults may not be the safeguard many believe them to be. This article delves into the reasons why relying on safety deposit boxes might not be a prudent strategy for safeguarding your valuables and legal documents. First and foremost, safety deposit boxes are not as accessible as one
When people think about Medicaid covering nursing home costs, they often assume Medicaid, once eligible, pays for everything. Unfortunately, that’s usually not true. Medicaid recipients are expected to contribute most of their income, such as Social Security and pensions, to their care; this monthly contribution to the nursing facility is called a “patient liability”. Here’s how it works:During the Medicaid application process, patient liability is calculated based on the applicant’s monthly income (Social Security, pensions,
If I had a nickel for every time a client told me that they had received bad information about how Nursing Home Medicaid works, I might have saved enough by now to afford one full day at a nursing home! As you consider your own, or a loved one’s, options while navigating through a long-term care and financial crisis, it is important to know the truth about some common Nursing Home Medicaid Myths. It is too late