Full nursing care can cost over $100,000 per year. Even families that have saved well can deplete their assets quickly under these circumstances.
Medicaid planning often involves identifying opportunities to preserve some of a family’s hard-earned assets when a spouse or parent needs full nursing care. These funds can be used to support the healthy spouse in the case of a married couple, or can be set aside to supplement an individual’s care during his or her lifetime and then pass to his or her family at death.
Many misunderstandings and over-simplifications circulate about the Medicaid process and the complex rules involved. We find that people are often confused about whether they need to spend all of their assets before applying for Medicaid; others are confused about the five-year look-back rule for gifts.
The rules of Medicaid are very complex, and proper planning requires the assistance of an experienced professional. Dave Kammer has been with Niehaus Law Office since 2007, and has the knowledge and experience to help with your Medicaid planning needs. He has guided many families through the Medicaid planning and application process.
If you find that nursing home care is foreseeable, or if a family member is already in a nursing home, we recommend you set a meeting with Dave to discuss possible Medicaid plans.
For frequently asked questions about Medicaid, please see Elder Law / Nursing Home Medicaid Planning FAQs.