There are four ways: private pay, long term care insurance, Medicare (very limited) and Medicaid. Medicaid is the only government program that will pay for nursing home care (which can cost over $150,000 per year). Planning can be done in advance, or even in crisis, to protect some if not all of one’s assets while accessing Medicaid. The eligibility rules are very complicated and the Medicaid application process can be overwhelming without professional guidance.
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Additional Questions:
- My spouse was just admitted to a nursing home. How can I pay for their care?
- My child has special needs. What government benefits are available?
- When I pass away, how do I leave assets in a protective way for my children and grandchildren?
- How do I keep my plan current?
- How will financial and health care decisions be made and by whom, if I am not able to make them?
- My parent needs care at home. How can we access Medicaid to pay the bills?
- How do I minimize federal and New York State estate taxes?
- What do I need to know when I sell my house?
- My loved one lacks capacity to make decisions. Do I need a Guardianship?
- I had to stop working because I became disabled. Do I qualify for Social Security Disability?
- I am in need of assistance at home. As a Veteran, is there any benefit I can receive to help pay for my care?