Most seniors will need living assistance at some point, and a significant percentage of elders will require nursing home care. If you are going to qualify for Medicare when you are 65, you may not be concerned about long-term care costs when you reach an advanced age.
Medicare must cover nursing home care, right? It is a form of medical assistance that is required by seniors, and Medicare was designed to meet the health care needs of older Americans.
This is a logical assumption, but in fact, Medicare will not pay for a stay in a nursing home. The state of Connecticut has determined that the average cost for a month in a nursing facility in our state is $13,863, and the average length of stay is one year.
Medicaid Coverage
You do not necessarily have to be resigned to pay long-term care costs out of your own pocket. Medicaid will cover long-term custodial care, but it is a need-based program, so there is a $1600 asset limit in our state.
As elder law attorneys, we help people implement nursing home asset protection strategies that revolve around Medicaid eligibility. You can divest yourself of assets to gain eligibility, but it is complicated by the five-year look back period.
If you transfer assets out of your name, you will not be eligible for Medicaid for 60 months. You may not be able to live without income that is generated by your assets, but there is a workaround.
An irrevocable Medicaid trust can be established, and you be able to accept distributions of the trust’s earnings while you are living independently. After five years have passed, if you apply for Medicaid, the principal would not count.
Medicaid Estate Recovery
When you work with us to implement a plan for aging, we will explain the potential impact of the Medicaid estate recovery seminar schedule page, and if you decide to join us, follow the instructions to register so we can reserve your seat.
Ready to Take Action?
Advance planning is the key to nursing home asset protection, and we are here to help if you are ready to take action. You can schedule a consultation at our elder law offices in Westport or Glastonbury, Connecticut if you call us at 860-548-1000.
If you would rather send us a message, fill our contact form and we will get back in touch with you promptly.
Mr. Nirenstein is licensed to practice before the courts of the State of Connecticut and the United States District Court. He is a member of the Connecticut and Hartford County Bar Associations, and the Estate and Probate, Elder Law, Business Law and Real Estate Sections of the Connecticut Bar Association.
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