“Difference between Medicare, and Medicaid for nursing home costs”

Difference between Medicare, and Medicaid for nursing home costs,” by Bonnie Kraham, Times Herald-Record

“If a loved one needs a stay in a skilled nursing home facility, either for a short time or for life, Medicare or Medicaid may be available to pay for the care. Medicare is for the short stay and Medicaid is for the long term. …In New York, it is never too late to save assets from nursing home costs. If a married couple has too many assets to qualify for Medicaid in a nursing home, the law of spousal refusal allows the spouse at home to ‘refuse’ to pay the nursing home, which can save substantial assets. If a single applicant for nursing home Medicaid has too many assets, the gift and loan strategy may save about half of the assets from nursing home costs, even if someone is already in a nursing home. … To avoid the financial and emotional crisis of needing a nursing home in a crisis, you may plan ahead by either buying long-term care insurance or creating the Medicaid Asset Protection Trust (MAPT) that protects trust assets from nursing home costs after the assets are in the trust for five years.”

LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):

Let’s see: pay LTCI premiums or hire this attorney for a fraction of the cost. Sound like a toss-up to you?