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How to Protect Assets from Nursing Home
Currently there is a 5 year look back period for Nursing Home Medicaid applications. This means that any transfers(gifts) made within 5 years of applying for Nursing Home Medicaid can possibly be penalized – depending on the type of transfer. Contact our office for a free asset evaluation and to learn more about protecting your assets and qualifying for Nursing Home Medicaid.
As people age their needs and the needs of their family change. Our law firm is committed to protecting your home and assets from a nursing home. In the Face of uncertainty, and complication, we provide answers and simplify the process. We protect assets. Our free asset analysis will tell you how much of your estate is at risk, how much we can protect, and how long it will take to protect it.
The Long Term Care Problem
According to the US DHHS 70% of people over the age of 65 will need some long term care. The problem is the cost. Estimated costs in for long term care (a nursing home) are several $1000s per month. If you or a spouse have to go into a nursing home there are only three ways to pay for it. You can pay out of pocket, with long term care insurance or a long term care insurance rider on a life insurance policy, or Medicaid can pay.
How to apply for Medicaid
Let’s get right to the point. In New York City, the estimated annual cost for nursing home care is over $144,000.00 per year. That’s almost $395 per day. Are you facing that cost? Is it possible that Medicaid can pay? As the spouse, or child of someone who is about to go into a nursing home, you have some important decisions to make. One of the most important decisions you can make at this time is this:
Should you apply for Medicaid?
However, it is not legal advice. If you wish to know how to apply for Medicaid you should contact an attorney who concentrates in Medicaid crisis cases.
What is a Medicaid crisis situation?
Typically an older person, a husband, or wife, or father or mother has had a medical emergency. They are in the hospital and about to be discharged for rehabilitative care. Or they are in rehabilitative care, and about to be discharged to a nursing home. Approximate care costs $395 per day, or $144,000 more now per year. This can be economically catastrophic.
Medicaid Services We Specialize In