Protecting Seniors' Assets From The High Costs of Nursing Home Care781-493-3002

Frequently Asked Questions

What will insurance pay?

Typically, a medical emergency triggers a stay at a rehabilitation center or skilled nursing home following hospitalization. And many believe that because of this medical emergency, their health insurance will cover their stay for this additional care, however, this is not typically the case.

Following admission in a hospital (at least three-day stay) and upon transfer to a nursing home, your health insurance, which includes Medicare, will typically pay toward your care for a limited period of time, not to exceed 100 days. However, the amount that Medicare pays towards your stay is varied. Your coverage may also be supplemented by health insurance such as Blue Cross Medex, United Health Care, CIGNA or other supplemental health insurance plans that are available.

Health insurance coverage carries with it a maximum number of days of nursing home care that will be covered. Unless you have protected your assets, once your coverage has been exhausted, you will be expected to spend all of your hard-earned assets on your care, which becomes very, very expensive. We specialize in protecting your assets even if someone is already in a nursing home and privately paying. Contact our office at 800-705-1415 to schedule your consultation.

Won’t Medicare pay for long term nursing home care?

Medicare is health insurance for people over 65. Medicare provides payment for medical expenses for illnesses. Medicare does not cover the long term custodial care in nursing homes or adult care homes. Medicare will provide assistance only for a maximum of 100 days assuming that certain conditions are met. Medicare does not pay for what is called “custodial care.” Custodial care is the type of care most people receive in nursing homes – meaning not all nursing home residences receive the maximum 100 days of coverage.

What Assets will be used to pay for Nursing Home care?

Your home, jointly held property, gifted assets, retirement accounts, bank accounts, securities and insurance policies will all be used to pay for nursing home care. All of your assets will be spent. A single person will be left with only $2,000.

Can’t I just give my assets to my children?

There are many pitfalls to doing this. For example, you no longer control your assets. If your child is sued, your assets will be taken. If your child gets divorced, their spouse may be entitled to a share of those funds. Or, if your child dies, your funds may not go to individuals you have specified. Most important, transfers or gifts are subject to look back periods and penalties. If any of that gifted money is spent or lost and a loved one goes into a nursing home, there could be serious consequences based upon newly signed federal regulations.

Can’t I just put my money into a Trust?

Some believe that asset protection can be achieved by putting everything into a revocable trust. Not true. All monies in revocable trusts are deemed available for nursing home care and are not protected.

I have been told that once you are in a nursing home, it is too late to plan.

It’s absolutely not too late! There are ways to safeguard a lifetime of savings and property, even if someone is already privately paying in a nursing home.

The state and federal government have written regulations, which govern how to protect your life savings when faced with this situation. The majority of professionals are unfamiliar with these regulations and the recent changes associated with them allowing for asset protection.

We are experts in the interpretation and implementation of these regulations, and can help you save your assets.

Can I get assistance in financing long-term care?

Unless long-term care insurance was previously purchased, few options are available to assist in financing nursing home care. The majority of individuals in this situation turn to Medicaid. Even if someone is currently privately paying for their care in a nursing home it’s not to late to protect assets. We are experts in the interpretation and implementation of these regulations. Call us at 800-705-1415 to schedule your consultation.

Preplanning is an important action to assure that assets are protected. If someone is not currently in a nursing home, pre-planning can be done to be sure their home and life savings are protected if nursing home is needed in the future. Based upon newly signed federal regulations, preplanning must be done properly. We are experts in the interpretation and implementation of these regulations. We can help! By not taking the proper steps to protect your life savings, home, jointly held property, gifted assets, retirement accounts, bank accounts, securities or mutual funds, savings bonds and insurance policies, all will be used to pay for nursing home care.

Applying for Medicaid is so confusing. Is there anyone I can turn to for help?

The Medicaid application process is lengthy and cumbersome. Most people are unfamiliar with Medicaid regulations and the recent regulatory changes associated with them. As a result, some nursing homes contract with private companies to prepare Medicaid applications for residents.

Be aware that these companies generally represent the nursing home or hospital, NOT the Medicaid applicant or his/her family.

If excess assets are available, the company will inform the nursing home and families will be expected to continue paying the facility with these assets.

We are here to help you protect your assets. You provide us the documentation. We do all of the paperwork and we’ll help you maneuver through the Medicaid red tape.

Will my loved one be treated differently if on Medicaid?

No. Studies have shown that all nursing home residents are treated the same. If Medicaid recipients were discriminated against by being treated differently, the nursing home would be legally liable.