North Carolina Medicaid is a state program that ensures that older people can afford nursing home care even if their income is limited. Long-term care is extremely expensive, and Medicaid is quite complex, and the regulations change frequently. Medicaid does not intend to impoverish families, however. Many people have told me they are concerned that ”Medicaid will take everything” or “my spouse won’t be able to afford her own care when Medicaid is done with me”. Medicaid provides a number of ways to protect your assets, provided you make your plans early enough. Examples of Medicaid planning include:
- Spending down assets as permitted by Medicaid regulations
- Purchasing Medicaid-approved annuities
- Transferring assets to certain people
- Avoiding Medicaid estate recovery (the process by which Medicaid recovers any money it spent for your care by submitting a claim against your estate after you die)
If you or a loved one anticipate needing long-term care within the next six years, please contact me to learn more.
