The decision to move a family member or loved one into a nursing home is one of the most difficult decisions you can make. Perhaps the move is being made because the family member can no longer care for himself or herself, or has had a stroke or has a dementia related disease. No matter what the reason, those involved are almost always under great stress.
It is important to take the time to understand your options. With proper planning, good information is available for you and your loved one.
Many people cannot afford to pay the monthly costs for nursing homes, and those who can afford to pay for a while may find their life’s savings and home wiped out in a matter of months, rather than years.
The Medicaid program has effectively become the long-term care insurance for the middle class. But the eligibility to receive Medicaid benefits requires that you pass certain tests on the amount of income and assets that you have.
The reasons for Medicaid planning are 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 and the application process can be tedious. The result is that without planning and advice, many people spend more than they should and their family security is jeopardized.