Liquidating assets before nursing home
He wanted to be sure that his wife was being well cared for in a nursing home and that he had enough money left to take care of himself at home. These scenarios are being played out in thousands of homes all across America as the elder citizens grapple with the awesome burden of medical care, just when they need it the most and seem the least capable of getting it. The group over age 85 is now the fastest-growing segment of the population.The golden years, however, are not without their problems.Mary Ann after a debilitating stroke had to enter a nursing home.But this time, Medicare was of no help at all and Medicaid asked them to exhaust their savings - well, nearly all of them - before it would consider them for nursing home assistance.
So she had bought a long-term insurance policy from a well-known company expecting it to pay nursing home bills, if ever the need arose.
But above all, he had arranged his finances so that his wife would become eligible for nursing home assistance almost immediately.