Just like planning for the prospect of your own death, no one really likes to dwell on the thought of going into a nursing home. Nursing home care comes at a significant price both personally and financially because individuals are no longer living in their own homes- and- they are paying tens of thousands of dollars a year to do so. Medicaid planning helps older adults and their families plan for the increasing cost of long term medical care without completely depleting their assets. Nursing homes in Iowa can cost between $5,000 and $7,000 a month and up; with careful planning, you may be able to protect more of your estate, whether it be for your spouse who is still at home, or your children.
Asset transfers and trusts can help protect some of your estate and permit you to distribute assets to your loved ones if you need to qualify for Medicaid. But because Medicaid is a program administered by both the federal government and the states, careful attention to all regulations is required to ensure your eligibility. Your elder law attorney can help answer questions about whether Medicaid Planning is right for you and what strategies may be available in the event that you require long term care.