You worked hard all of your life to pay off your mortgage and build a retirement fund. You expected to live off your savings in the comfort of your home and planned to leave something to your kids at the appropriate time. Then, suddenly, the unthinkable happens–you suffer a stroke at age 70 and must spend the rest of your years in a nursing home. What will happen to your life savings?
Many nursing home residents end up depleting their assets on long-term care. But it doesn't have to be that way, the best time to plan for nursing home care is when you're still healthy. By doing so, you may be able to pay for your long-term care and protect assets for your loved ones through Medicaid planning.
Medicaid is a Federal Government program now administered by states but funded by federal and state support. Like most government-oriented programs, the bureaucratic application and approval process is daunting and complex. Therefore, it is not recommended that an individual undertake this process independently.