You Can Keep Some Assets While Qualifying for Medicaid. Here’s How
The bill for long-term care adds up fast. The annual median cost for a private room in a nursing home was $105,850 in 2020, according to Genworth. The government could pick up these costs if you qualify for Medicaid, but that’s easier said than done. “Medicaid is a welfare program,” says Neel Shah, estate-planning attorney and a certified financial planner at Shah & Associates in Monroe Township, N.J. “There are strict income and wealth limits to qualify.”
Medicaid should not be confused with Medicare, the national health insurance program for people age 65 and over that largely doesn’t cover long-term care.
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