A significant worry for many older individuals is that they may end up in a long term care setting. Going into long term care can result in major changes in lifestyle, and comes at a tremendous cost. Depending on location and the level of care, long term care can be extremely costly. According to one 2013 survey, the median annual private room rate for nursing homes in our area was $85,958.00.
The advantages of paying privately for long term care are that you are more likely to gain entrance to a better quality facility, and doing so eliminates or postpones dealing with Medicaid eligibility in Washington State. The disadvantage is that private pay is extremely expensive. Most people end up paying for long term care out of their savings until they run out.
One may to prevent this through careful planning. Whether in advance or in response to an unanticipated need for care, we can inform you of your options to help protect your assets, whether for your spouse or for your children.
Those who are not in immediate need of long-term care may have the luxury of distributing or protecting their assets in advance. This way, when they do need long-term care, they will quickly qualify for Medicaid benefits.
Giving general rules for "Medicaid planning" is difficult because every client's case is different and the statutes and regulations can change very quickly. If you have questions about how to protect your assets while planning for Medicaid care, please contact our office to help explain your options.
 Washington State-Specific Data from the Genworth 2013 Cost of Care Survey,available at https://www.genworth.com/dam/Americas/US/PDFs/Consumer/ corporate/Washington_gnw.pdf (accessed December 30, 2014)