Reported 1 day ago
As healthcare costs rise, particularly for nursing homes averaging over $90,000 annually, understanding Medicaid's strict eligibility and asset protection strategies becomes critical. While Medicaid can help cover long-term care costs, you may need to spend down assets or transfer them to trusts, like an irrevocable asset protection trust, at least five years prior to applying. Other options include long-term care insurance, Medicaid-compliant annuities, and financial gifting. However, these strategies have limitations and may require relinquishing control of your assets. Consulting with a financial advisor is recommended to navigate these complex decisions.
Source: YAHOO