As one ages, it is not always possible to remain at home. Sometimes, the Georgia resident's condition simply makes it too difficult for loved ones to care for him or her, and it is necessary to seek out nursing home care. While this may be a necessity, it also comes with a price tag. However, through careful Medicaid planning, this price tag can be minimized.
Nursing home care can be expensive. Medicaid does provide funding for this care; however, Medicaid also requires that the individual utilize his or her assets first. When this becomes necessary, it can put a huge dent in one's life savings.
Married couples often look for ways to receive the necessary benefits without depleting their assets. Medicaid looks at the married couple as one; therefore, it is not possible for one spouse to simply transfer assets to the other spouse. However, with careful Medicaid planning, it is possible to maximize one's assets and still meet Medicaid eligibility requirements.
As long as one spouse lives in the home, this home is not considered in the individual's assets for eligibility. Additionally, the spouse can retain a car and term life insurance as long as it does not have cash value. Finally, the spouse is generally entitled to keep half of the couple's countable assets.
Nursing home care is often necessary. Yet, the expenses associated with such care can quickly drain the Georgia resident's assets. However, with proper Medicaid planning, it may be possible to receive the needed benefits without losing everything. Experienced legal counsel can help create a plan that meets eligibility requirements and meets the needs of each individual.
Source: nj.com, "Married and protecting assets from Medicaid", Karin Price Mueller, Dec. 13, 2017