4 Buckets of Elder Law Planning
1. Your Assets
Ltd. amt: Runs out before 2.5yr avg nursing home stay
$ = timeUnlimited uses: In-home care, asst. living, nursing home, etc.
2. LTC Insurance
Long Term Care Insurance
LimitedLimited amount per day, lifetime max
Typically for Care only, incl. Asst. Living
Buys you time and options, might be enough
3. VA Benefits
Ltd amt. (up to $26K+/- per yr. forever)
$26K/yr ∞ Unlimited duration (lifespan)
Unlimited uses: anything, it’s your money.
4 Criteria:
a. Military spouse and Conflict service,
b. 2 ADLs (Activity of Daily Living),
c. Mo. Expenses > Income
d. ↓Assets = $123,600 Max Assets
(includes 3 yr. Look-Back on Assets)
4. MedicAID
Unlimited amt ($73,200+/- per yr. forever)
$73K/yr ∞Unlimited duration (lifespan)
Ltd. uses: For Skilled Nursing Home only with Medicaid Bed
Paid directly to the Nursing Home, not to you.
What is The Catch on MedicAID planning?
You can have only $3,000 in max assets at time of application
Gifts of last 5 years (“5 Year Look-Back”) count against you.
If single, Medicaid will lien your house in 6 months.
Monthly income (SS, pension) paid to the Nursing Home (co-pay)
Need Skilled Nursing Home facility with Medicaid bed
Does not apply to Assisted Living.
&
The Release
With planning, even at the last minute, many can qualify, and
Spouse (not in nursing home) keeps $123,600 of assets
+ home + car + funeral + Medicaid Compliant Annuity (if needed)
and adjusted monthly Spousal income up to $3,023, and more.
Don’t Write This Check!