Unfortunately, Medicare is not structured to pay for long-term care.
Medicaid, a federal insurance program for low-income individuals, will cover nursing home care, but you may not be able to qualify for that care until you have exhausted your existing assets.
For example, Medicaid programs seek to recoup the amount the program spent on nursing home care from the patient or -- if the patient dies -- from her estate.
Spousal impoverishment laws prevent seizure of all liquid assets, and the patient's home remains exempt from seizure if a spouse or dependent still lives there.
Qualifying for Medicaid, a necessity for most people facing a stay in a nursing home, requires falling below a certain financial threshold set by the individual state.Unfortunately, this leaves you without the financial security you previously enjoyed if you decide to return home.It also absorbs money you might prefer that your loved ones inherit after you pass away.As a quick review, in Florida, Medicaid will not be offered to someone who has more than ,000 in countable assets or grosses more than ,199 per month in income (from all sources of income combined).Elder law attorneys who engage in Medicaid planning have a variety of strategies to choose from depending on what asset(s) and income sources they need to protect.This strategy must be crafted carefully, because you cannot just start taking withdrawals in any amount, you have to take RMD per IRS life expectancy charts for tax purposes.