Long term care is expensive. A nursing home or assisted living facility can easily cost between $5,000 and $10,000 a month. Medicaid is a government health care program that will cover the cost of long term care when you meet certain income and asset requirements. Under current rules, an individual can have no more than $1,500 in countable assets and a healthy spouse can keep up to half her baseline countable assets up to $119,220.
The goal of Medicaid planning is to preserve assets, either for yourself, your spouse, your children or other loved ones. The law is constantly changing and with it, Medicaid… Read the rest