Liquidating assets medicaid
Paying for Long-Term Care Paying Down Assets to Qualify for Medicaid Transferring Assets to Qualify for Medicaid Community Q&A The Department of Health and Human Services reported that by 2010 nearly 10 million Americans required long-term care.It is expected that 70% of people turning 65 will need long-term care at some point in their lives and that many of these people will require care from a long-term care facility or nursing home.There are five ways to pay for long-term care in Illinois.This article discusses all five and brings you up-to-date on the most recent developments in the ever-shifting Medicaid and Veterans' Administration rules governing long-term care.But research shows that about 70 percent of people age 65 or older will need long-term care assistance during their lifetime.As more and more baby boomers reach retirement age, the need for long-term care options will grow.
In order to qualify for Medicaid, one must generally be over 65 years old.One of the most unpleasant aspects of growing older is reaching the point in which you can no longer take care of yourself.Most people need, or at least plan for, long-term care services before they pass away.The cost for nursing home care in the state of Ohio is ,000 to ,000 per month.Costs around the country can range as high as 0,000 per year for nursing home care. HOW WILL YOU PAY FOR SUCH COSTLY NURSING HOME CARE? Self-pay with Private Long-Term Care Insurance A growing number of insurance companies offer long-term nursing home care insurance policies.