As life expectancies and long term care costs
continue to rise, the challenge quickly becomes how to pay for these
services. Many people cannot afford to pay $8,000 per month or more
for the cost of a nursing home, and those who can pay for a while may
find their life savings wiped out in a matter of months rather than
years.
Fortunately, the Medicaid program is there to help. In fact, in our
lifetime, Medicaid has become the long-term care insurance of the
middle class. Note, however, that the eligibility to receive Medicaid
benefits requires that you pass certain tests on the amount of income
and assets you have. The reason for Medicaid planning is simple.
First, you need to provide enough assets for the security of your
loved ones---they, too, may have a similar crisis. Second, the rules
are extremely complicated and confusing. The result is that without
planning and advice, many people spend more than they should and their
family security is jeopardized. |
