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A nursing home bed in Greater Cincinnati and Northern Kentucky will cost somewhere between $6,500 and $14,000 per month. While that is a wide range, even the lowest end of the spectrum is extremely expensive. Neither traditional health insurance nor Medicare will pay for an extended nursing home stay--which begs the question; how is one to afford the cost of long term care? Often, the answer is Medicaid.
The Social Security Administration describes Medicaid as, "a jointly funded, Federal-State health insurance program for low-income and needy people."
As that description suggests, individuals must fall under rigid resource and income limits before qualifying for Medicaid. Those limits vary depending on whether you are single or married.
* Kentucky also allows single individuals and married couples to keep assets in their IRAs and 401ks.
While most people in Southwest Ohio and Northern Kentucky possess resources that exceed the Medicaid limits, various planning, spend-down, and even gifting techniques can be employed to help an individual obtain eligibility. In addition, a properly drafted trust can be established so that the person receiving Medicaid can hold onto his/her own funds to improve quality of life, and potentially pass on a legacy to children or loved ones.
Medicaid eligibility laws are extremely complicated requiring careful and timely planning. Seemingly logical financial transactions in the "real world" can trigger harsh monetary penalties in a Medicaid context, potentially costing thousands of dollars. One should consult an elder law attorney if it is possible that he/or she will require Medicaid to pay for long term care. It should be noted as well that Medicaid can also be obtained to help individuals stay in one's own home through the Passport Program.
Plus, a number of Assisted Living facilities in Greater Cincinnati accept Medicaid through the Assisted Living Waiver Program. Space in these facilities, however, is often limited.
One spouse can be on Medicaid while the other "Community Spouse" keeps 1/2 of their overall assets up to $126,420* plus a house, plus car
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purposes only and should not be construed as legal advice. Seek competent legal counsel for advice on any legal matter.