If a nursing home resident is a wartime veteran or the spouse of a wartime veteran they may be eligible for $1,000 to $2,000 in assistance from the VA. If a child has been living in the home with a parent for two or more years before the parent went to the nursing home they may be eligible for a Medicaid waiver which could save 100% of the home. Does the nursing home resident have a long term care policy. If so up to 100% of their assets could be protected if they act now and plan. If they plan now, 5 years from now when the long term care policy runs out all assets could be protected. However, failure to plan now will mean that when the long term care policy runs out the nursing home resident will begin to spend down their savings and other assets and eventually lose everything. If that happens what was the purpose of the long term care policy in the first place. The moral of the story is just because someone has a long term care policy they can still lose everything if they don’t plan.
What type of things can affect a crisis plan (planning after someone has entered a nursing home)?
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