This is a common question that comes up when planning for the future. Let’s look at one all-to-common scenario.
Your spouse has just been diagnosed with Alzheimer’s disease. What will happen when you can no longer care for him and he needs to be moved to a long-term care facility? You look at what you thought would be your options, only to find no solutions to the dilemma.
Your husband doesn’t have a long-term care insurance policy. Neither Medicare nor supplemental insurance will pay the facility’s monthly expenses. You then learn that Medicaid is not available for your spouse because you have too much money. At this point, you must “spend down” your hard-earned life savings to be eligible for benefits. How will you pay for his care without losing your home and EVERYTHING that you both have worked for?
Without proper planning, you can potentially lose everything paying for long-term care. However, an elder law attorney may be able to:
- Preserve a portion of the applicant’s income for the noninstitutionalized spouse;
- Provide for the transfer of the applicant’s assets to certain family members without creating a penalty under Medicaid law;
- Protect the applicant’s home;
- Identify last minute expenditures that may be made for the applicant’s benefit without creating a penalty period for Medicaid eligibility purposes.
Don’t risk losing your income, lifelong savings, and your home due to unexpected long-term care needs. Call an elder law attorney today to discuss the many long-term care planning strategies you may be able to put into place to offer security and peace of mind.
Contact a certified elder law attorney(*), such as Linda Strohschein and her team at Strohschein Law Group, for assistance on how you might be able to protect your home or assets from the cost of nursing home care. To set up an appointment, contact Strohschein Law Group at 630-377-3241.
This information provided by Strohschein Law Group is general in nature and is not intended to be legal advice, nor does it constitute a legal relationship. Please consult an attorney for advice regarding your individual situation.
(*) The Supreme Court of Illinois does not recognize certifications of specialties in the practice of law and the CELA designation is not a requirement to practice law in Illinois.