The primary focus of Medicaid planning is to protect your assets from a nursing home. But people don’t often realize WHY they want to do that.For most people, the primary reason that comes to mind as to why they want to protect their assets from a nursing home if they have to go on Mediciad, is that they want to pass on what they have worked so long and hard for to their children. And there is nothing wrong with that, and that is a worthy goal.
But, an additional reason, that most people don’t think about, is so their children will have the money available to pay for all the things at the nursing home that Medicaid doesn’t cover, without having to pay for it out of their own pockets. A recent survey by the AARP found that the average caregiver spends about $7,000 out of their own pocket taking care of an elderly person. Even though the cost may not be so high for someone in a nursing home, there are still plenty of things that Medicaid does not pay for. Replacement glasses, dentures, and hearing aids are not covered. The particular brand of adult diaper that mom prefers may not be covered. Care from the hair salon is not covered. In short, there are lots of things that a child could buy for a parent, that would not be covered by Medicaid. But, by having protected their assets and passing them along to their children, the children then have the money available so that their parents can have the highest quality of life possible.
At Brightwell Elder and Probate Law, we can help you plan an asset protection strategy, so that if you have to go into a nursing home, you can still qualify for Medicaid but have the assets available to your children to help provide you with a high quality of life.