The Medicaid program is the solution for most elders who require living assistance. This need-based government health insurance program does pay for custodial care. However, since it is a need-based program, there is a $2000 limit on countable assets. Your eligibility can be delayed if you give away assets within five years of submitting your application. To explain by way of example, if you give away enough money pay for 18 months of nursing home care, your eligibility would be delayed by roughly 18 months. You would be forced to pay out-of-pocket during this interim.
If you have questions regarding Medicaid in general or any Medicaid planning matters, please contact the experienced attorneys at The Potter Law Firm for a consultation. You can contact us either online or by calling us at (704) 944-3245 (Charlotte, NC or Huntersville, NC) or for individuals in Kentucky at (606) 324-5516 (Ashland, KY) or at (859) 372-6655 (Florence, KY).