Don't spend all your life savings paying for nursing home costs

The greatest threat to the “nest egg” of our Senior Citizens is a long-term stay in a nursing home. With costs exceeding $40,000 per year, it does not take long to wipe out someone’s life savings. Information contained within this article could be important to your long-term financial health.Nursing Home Medicaid Questions and AnswersQuestion 1: “Can I afford to have my spouse in a nursing facility?”Answer: Yes! Regardless of the amount of assets you own, in most cases the stay at home spouse is allowed to keep all of the assets of the couple. This includes the home, an auto and all of the cash accounts of the couple. In most cases Medicaid would pay 100% of the monthly costs for the spouse in the nursing facility.Question 2: “Does a single person in a nursing facility have to spend down all of his/her money before he/she can apply for nursing facility Medicaid benefits?”Answer: No! In most cases a single person in a nursing facility can protect a substantial amount of his/her assets from nursing facility spend down and still apply for and receive Medicaid benefits. In some cases a single person may protect all of his/her assets from nursing facility spend down.Question 3: “Can I lose my home to claims by the state?”Answer: Yes! The Estate Recovery Law passed in Texas in March 2005, does allow the state of Texas to file a claim on the home of a Medicaid recipient. However, there are several exemptions as well as legal remedies that would allow the recipient to protect their home from claims by the state.Question 4: “ Is all the information I need on Medicaid available from my state Medicaid Office?”Answer: No! That is like saying everything you need to know about taxes is available from the IRS! Sure your state offices can provide you with general knowledge about Medicaid program requirements, but what you need to know is usually not available from the people employed by the state to process applications. They are not

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