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How can I avoid being impoverished by the high cost of nursing home care?

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How can I avoid being impoverished by the high cost of nursing home care?

Question: How can I avoid being impoverished by the high cost of nursing home care?

Answer: You cannot avoid being impoverished by the high cost of nursing home care. If you have assets and you need to go in the nursing home, you will be required to use those assets and spend down to $1,500. If you are married there are some special rules that allow you to keep some assets but it’s not very much. For married couples, if one goes in the nursing home you have to spend down to around $110,000. There are other special rules that are involved with Medicaid planning that you may want to look at to try and see if you can do some planning to avoid losing your assets to your nursing home situation in the future.


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