Financial and Estate Planning by: Jesica L. Thorson
My husband and I are in our 80s and we are worried that we will not have enough to live on if one of us should need to pay for home health care or nursing home bills. Can we do anything or is it too late?
It is never too early or too late to do financial and estate planning. It is true that the earlier you start the more options are available to you, but even when you get a later start, there is still very effective planning that can be done and wonderful savings achieved. Medicare, supplemental medical insurance, or Medicaid, could cover medical expenses like home health care, assisted living, or nursing home costs. Medicaid can be available for people still at home if they meet certain qualification requirements. Moreover, Medicaid is available for people in the event they need to go into a long-term care facility. There is a lot of planning to be done when one person needs to go into a nursing home leaving a “community spouse” still at home. Relying on the spousal impoverishment provisions of the Medicaid laws can save sometimes all or almost all of a couple’s assets. No matter when you start planning, it is important to speak to an Elder Law attorney qualified in doing Medicaid Estate Planning.