About 80 to 90 percent of fulltime nursing home residents (not rehab) are on Medicaid. When you move in, they actually have an office to calculate your "spend down" time plan to spend all of your money before applying for Medicaid. Your lawyer is probably talking about a plan to give most of your money away to make you eligible for Medicaid and avoid spending it all at the nursing home. To be eligible for Medicaid, you need to be almost broke, and they include a 3 to 5 year "look back" period to prevent people from gifting their money just prior to entering a nursing home. I don't know if you need a lawyer, but a gifting plan is a good idea to avoid spending all of your money at the nursing home. Most people cannot afford to live in any nursing home. Note that Medicare does not cover nursing homes.
Last edited by retiredguy123; 12-07-2024 at 09:40 AM.
|