Medicaid Planning for Nursing Home Care

The prospect of entering a long term care facility or nursing home is great. With increasing life expectancies and better health care, more and more people have found it necessary to enter nursing homes. More than half of women and nearly one-third of men will go to a nursing home in their lifetimes.

Although some individuals have sufficient assets to pay the costs of long term care, others do not. Where assets are not sufficient, Medicaid may be available to pay for nursing home care for those over age 65, as well as those who are blind or disabled. Medicaid is a form of public assistance. Medicaid is a jointly financed federal-state program but a program administered by the states.

A number of requirements exist in order to be eligible for Medicaid. Among these requirements is that an applicant may have very few assets. A spouse who remains in the community – a community spouse – may retain somewhat more in assets but these are restricted as well.

Some planning may allow families to retain greater amounts of assets. This information is intended to provide a general introduction to the rules applicable to Medicaid planning where a family member may require long term care.

It should be kept in mind that the laws and rules applicable to Medicaid change. Our system is financially unstable and changes are likely. As significant, the interpretations of these laws and rules are periodically revised. Therefore, there is no assurance whether planning will ultimately prove successful or even if public assistance will be available. This is especially the case where any interest is retained in assets.

Download the Medicaid Planning for Nursing Home Care guide here.

This is not intended to be legal advice, but rather, to provide accurate information regarding estate, trust and wealth preservation. For more information regarding these matters, please contact any member of our estate, trust and wealth preservation group: James A. Rapp ( jrapp@srnm.com ), Ted Niemann ( tniemann@srnm.com ), Harold B. Oakley ( hoakley@srnm.com ), Michael A. Bickhaus ( mbickhaus@srnm.com ), Jeffrey L. Terry ( jterry@srnm.com ) or Joseph B. Ott ( jott@srnm.com ). Our telephone number is (217) 223-3030. Please visit our website: www.srnm.com. We invite and welcome all questions and comments. © 2013 Schmiedeskamp Robertson Neu & Mitchell LLP Vol. 2015-1