Nursing Homes and Medicaid In General
June 26th, 2014 by admin
A nursing-home stay can cost between $125,000 and $130,000 per year, and some nursing homes charge even more. It goes without saying, therefore, that a long-term nursing-home stay can easily impoverish all but the wealthiest of families. With proper planning, however, no one has to be wiped out.
In general, Medicaid has different rules for married and unmarried people. An unmarried person in a nursing home has virtually no protection, and is required to spend down just about all of his or her assets. In addition to $2,500 worth of cash assets, an unmarried person may keep a prepaid funeral, personal possessions and jewelry, one automobile and term life insurance. In the case of a married couple, the healthy spouse can keep the personal residence and the exempt items listed above. In New Hampshire, the healthy spouse can keep half of the other assets, or $117,240, whichever is less. In
Massachusetts, the healthy spouse can keep the first $117,240. In either state, there is no protection for second homes or vacation properties.
In our later blog posts, we will tell you different ways of making sure that you are not wiped out by a prolonged nursing home stay.