The cost of long-term care can be catastrophic. Families have lost virtually all of their life savings due to the tremendous cost of long-term care in a facility. Fortunately, there are a number of laws that protect a healthier spouse…
Read More Medicaid Allows a Spouse to Keep More Assets in 2024
If a spouse requires long-term institutional care then it will have a significant impact on the family’s finances. Only after the assets have been spent down will Medicaid provide coverage for that spouse’s long-term care needs. This is known as…
Medicaid considers the cash surrender value of most life insurance policies to be a resource that is subject to the Medicaid spend-down process. A person is not allowed to own more than $2,000.00 of resources in order to qualify for…
Medicaid considers some life insurance policies to be an asset subject to the spend-down process. According to the New Jersey Medicaid regulations, the first step in analyzing life insurance policies is to determine the face value of all of the…
If a husband or wife requires long-term care in a nursing home facility, then that care can quickly deplete their life savings. Most nursing home facilities in this area charge more than $120,000.00 a year for a basic semi-private room. …
Read More Change in Medicaid Laws Allow a Spouse to Keep More Assets
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