Failing to Plan for Assisted Living
Worried about the cost of nursing homes? So are thousands of seniors every year. But there are ways to ensure you’ll get the help you need without paying out of pocket.
Focus on long-term care insurance as early as possible, but make sure you’re eligible for Medicare coverage as well. If you’ve been denied in the past, try, try, try again!
You may also be able to use a life insurance policy in order to cover the costs of assisted living, so check with your insurer.
Leaving Assets Vulnerable in a Nursing Home
Want to protect your asses from reaching the state? Yep. States can recoup money paid out through Medicaid by putting a lien on a beneficiary’s home. Or, they could confiscate assets after the beneficiary dies. You might need to pay out of pocket until your assets are low enough in order for you to qualify for Medicaid.
If you want to know more about how you can protect or transfer your assets, make sure to visit Medicare.gov for more reliable information.
