Medicare Part A can cover, in full, the first 20 days of a rehabilitative nursing home stay only after a qualifying 3-day hospital stay and can cover a portion of the nursing home stay for up to 100 days.
Not necessarily, we can typically undertake lawful asset protection planning to save one half to all assets for a single person depending on whether or not there were sizable gifts made during the past 5 years. Even if gifts were made during that period, there may still be planning available to protect those gifts and in many cases, protect additional gifts. We may be able to save substantially everything if the nursing home bound individual has a spouse living in the community.
With proper planning your house may be protected. Planning is still available after a client enters a nursing home, in many cases.
Transferring the house is a planning option based on each individual’s circumstances. For the vast majority of cases, the house or one half of its equity can be protected after a client enters a skilled nursing facility.
Typically, the spouse living in the community is allowed to keep between $74,820 and $120,900 in total assets, subject to Medicaid gifting rules.
However, if we undertake asset protection planning, we can often avoid the need to spend down assets and protect substantially all assets for the spouse.
You get what you pay for. Those “non-lawyers” are working for the nursing home, and they want you to spend down your assets privately paying the nursing home. They are not accountable for not knowing what asset protection strategies are available. Also, if there is a Medicaid penalty period or unpaid nursing home bill, they will not file an appeal. You are on your own and, in many cases, the damage is done.
No. A revocable trust does not protect assets from long-term care costs; you will still require asset protection planning.