Purchasing long-term care insurance, converting assets into assets not counted by Medicaid and using existing assets to pay bills are three ways to reduce the strain of nursing home care expenses on personal assets, according to Bankrate. These strategies increase the likelihood of qualifying for Medicaid assistance with expenses.Continue Reading
Medicaid eligibility may be obtained by decreasing resources that Medicaid considers, as explained by Bankrate. Paying off existing debts, such as mortgages and other loans, is one way to reduce assets without spending additional funds on nursing home care. Buying a bigger home may also reduce assets if a spouse is currently living in the home. Otherwise, Medicaid may seize the property to cover expenses.
If planned in advance, long-term care insurance can be purchased to cover the costs of nursing care. Insurance should be seen as an investment, and a high-quality plan may even pay for an individual's care completely, according to Bankrate. As an alternative to long-term care, in-home care may be a better option for some seniors by providing a lower-cost option.
The high cost of nursing home living has been regularly increasing, and most seniors need to plan in advance to avoid out-of-pocket expenses that exceed the value of their assets. Medicaid may cover expenses, but Bankrate recommends obtaining private insurance and getting asset planning help from a professional.Learn more about Financial Planning