Commonwealth Advisory Group has helped thousands of clients to protect assets from nursing home both prior to admission and also when a loved one has already been admitted to a nursing home. Following are the most common question asked:
What will insurance pay?
Typically, a medical emergency triggers a stay at a rehabilitation center or skilled nursing home following hospitalization. And many believe that because of this medical emergency, their health insurance will cover their stay for this additional care, however, this is not typically the case. Following admission in a hospital (at least three-day stay) and upon transfer to a nursing home, your health insurance, which includes Medicare, will typically pay toward your care for a limited period of time, not to exceed 100 days. However, the amount that Medicare pays towards your stay is varied. Your coverage may also be supplemented by health insurance such as Blue Cross Medex, United Health Care, CIGNA or other supplemental health insurance plans that are available.
Health insurance coverage carries with it a maximum number of days of nursing home care that will be covered. Unless you have protected your assets, once your coverage has been exhausted, you will be expected to spend all of your hard-earned assets on your care, which becomes very, very expensive. We specialize in protecting your assets even if someone is already in a nursing home and privately paying. Contact our office at 800-705-1415 to schedule your consultation.
Won't Medicare pay for long term nursing home care?
No. Medicare is health insurance for people over 65. Medicare provides payment for medical expenses for illnesses. Medicare does not cover the long term custodial care in nursing homes or adult care homes. Medicare will provide assistance only for a maximum of 100 days assuming that certain conditions are met. Medicare does not pay for what is called "custodial care." Custodial care is the type of care most people receive in nursing homes - meaning not all nursing home residences receive the maximum 100 days of coverage.
What Assets will be used to pay for Nursing Home care?
Your home, jointly held property, gifted assets, retirement accounts, bank accounts, securities and insurance policies will all be used to pay for nursing home care. All of your assets will be spent. A single person will be left with only $2,000.
Can't I just give my assets to my children?
There are many pitfalls to doing this. For example, you no longer control your assets. If your child is sued, your assets will be taken. If your child gets divorced, their spouse may be entitled to a share of those funds. Or, if your child dies, your funds may not go to individuals you have specified. Most important, transfers or gifts are subject to look back periods and penalties. If any of that gifted money is spent or lost and a loved one goes into a nursing home, there could be serious consequences based upon newly signed federal regulations.
At Commonwealth Advisory Group, we are experts in MA Medicaid Spend Down planning to save on MA Nursing Home Costs. Commonwealth Advisory Group has helped families to protect assets prior to admission to a nursing home medicaid, and when a loved one has already been admitted to a Massachusetts Medicaid nursing home. We are Massachusetts leading Senior Asset Protection Planning and Massachusetts Medicaid planning consultants. Commonwealth Advisory Group specializes in helping Massachusetts elders and their families protect assets from nursing home.
Artice Source: http://www.articlesphere.com
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