Question 1

Will Medicare pay for long-term nursing home care?

Accepted Answer

Medicare is health insurance for people aged 65 and over. Medicare provides payment for medical expenses for illnesses, but does not cover long-term custodial care in nursing homes or adult care homes. In addition, medicare will provide assistance only for a maximum of 100 days (assuming that certain conditions are met). Medicare does not pay for what is specifically termed “custodial care.” Custodial care is the type of care most people receive in nursing homes. This means that not all nursing home residents receive the maximum 100 days of coverage.

Question 2

What assets can be used to pay for nursing home care?

Accepted Answer

Pretty much all of a person’s assets can/will be used to pay for nursing home care — your home, jointly held property, gifted assets, retirement accounts, bank accounts, securities, and insurance policies. All of your assets can/will be spent. By law, a single person will be left with only $2,000.

Question 3

Can I just give my assets to my children?

Accepted Answer

There are many pitfalls involved in doing this. For one, you will no longer control your assets. If your child is sued (for whatever reason), your assets will be taken. If your child gets divorced, his or her spouse may be entitled to a share of those funds. Or, if your child dies, your funds may not go to the individuals you have specified. Perhaps most important, however, is the fact that 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 on newly signed federal regulations.

Question 4

Can I just put my money into a trust?

Accepted Answer

Many pople think that adequate asset protection can be achieved by putting everything in a revocable trust. That is not true. All funds in a revocable trust are deemed “available” for nursing home care and are not protected.

Question 5

Is it too late to plan once you are in a nursing home?

Accepted Answer

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. Unfortunately, many 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. We can help you save your assets, even if you or an family member is already paying for nursing home care.

Question 6

Can I get assistance in financing long-term care?

Accepted Answer

Unless long-term care insurance was previously purchased, there are relatively few options available to assist in financing nursing home care. The majority of individuals in this situation turn to Medicaid. However, even if someone is currently privately paying for their care in a nursing home, it is not too late to protect assets. Call us at 866-471-9075 to schedule a no-obligation consultation to discuss your specific situation. Preplanning is an important action step to take to assure that assets are adequately protected. If someone is not currently in a nursing home, preplanning should be done to ensure his or her home and life savings are protected if nursing home care is needed in the future. Based on new federal regulations, preplanning must be done properly. We are experts in the interpretation and implementation of these regulations (both established and new). Only by taking the proper steps in advance can you protect your life savings, home, jointly held property, gifted assets, retirement accounts, bank accounts, securities or mutual funds, savings bonds, and insurance policies from being used to pay for nursing home care. We can help. Call us today.

Question 7

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

Accepted Answer

We agree that the Medicaid application process is lengthy, cumbersome, and confusing. Most people are understandably unfamiliar with Medicaid regulations and the recent regulatory changes associated with the program. 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 these assets. When you connect with our team, you provide the documentation and we do all of the paperwork for you. We’re here to help you maneuver through all the Medicaid red tape.

Question 8

Will my loved one be treated differently if he/she is on Medicaid?

Accepted Answer

No. Most studies indicate that all nursing home residents are treated similar. If Medicaid recipients were discriminated against by being treated differently, the nursing home would be legally liable.

Dan Rea interviews Attorney Philip Amaru and Executive Director, Laureen Vaughn

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