Once your spouse has been approved for Medicaid to help pay the nursing home expense, you may wonder what will happen to your income. As the non-Medicaid-recipient spouse (“community spouse”) who is residing at … Read More »
Once your spouse has been approved for Medicaid to help pay nursing home costs, he or she will likely owe a portion of his or her income to the nursing home each month; this is referred to as the “liability” to the nursing home. The monthly liability owed to the nursing home is calculated by reducing the gross income of the Medicaid recipient by the following monthly costs:… Read More »
In most situations, transfers of assets that have taken place within five years of filing an application for “Nursing Home Medicaid” result in a penalty period, or period of Medicaid ineligibility based on the fair market value of the asset that was transferred (gifted). Since Indiana’s current penalty divisor is $6,682.00 (effective July 1, 2019 — this figure changes on July 1 each year), the transfer of a home with a fair market value of $100,000.00 would result in a penalty period of roughly 15 months. In other words, the Medicaid applicant would not be eligible for assistance to help pay for nursing home costs until the end of the 15-month penalty period.
Medicaid is a state and federal program that provides health coverage for those who meet certain eligibility guidelines. For people who are under age 65 and do require long term care in a nursing facility, eligibility is mostly based on income; therefore, these applications typically aren’t very difficult. People who need Medicaid to assist in covering long term care expenses, such as nursing home or home-based services, must meet more strict eligibility standards based on income and asset information of the applicant and his or her spouse.… Read More »
Long term care insurance covers care generally not covered by health insurance, Medicare, or Medicaid.
A number of considerations go into how much long term care insurance that you should buy. The average cost of a room in a nursing home is $70,000 per year and the average monthly base rate in an assisted-living facility in Indiana is $3,693. Home care costs can vary.