Though it may seem impossible, there are ways to plan ahead for Medicaid. Most people believe they have to rid themselves of all income and assets in order to receive benefits, but this is not always true. These strategies will help you plan for the future so your medical care expenses will be covered.
It is said that the average stay in a nursing home is 30 months. The cost can range between $3,000 and $5,000 per month or $90,000 to $150,000 in total. This is why it is so important to plan ahead. The financial burden can be massive if proper planning is not done. The eligibility requirements are based on the need for medical care as well as the individual’s financial situation. Since the program is controlled by the state government, each state may have different eligibility guidelines. Assets and income will always be the most important eligibility factors. In most cases, almost all of your savings and assets will have to be depleted to become eligible. Continue reading ‘Medicaid Planning Strategies’ »