Liquidating assets medicaid

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Although qualifying for Medicaid requires "spending down" most of one's assets and income, a "spousal protection rule" enables healthy spouses to maintain some assets, an amount that varies by state.

Well spouses or adult children should beware using a reverse mortgage on their home to pay for another's care, however.Or the policy may offer a "life assurance" benefit, which pays directly for long-term care, although at a much lower cost than the value of the policy.Long-term care insurance pays for residential care but is probably only an option if purchased well in advance.Sometimes found in dedicated facilities, it's most often offered within an assisted living community, continuing care community, or skilled nursing facility (a.k.a. In 2010, 17 percent of residential care communities had dementia special care units, with 6 percent serving adults with dementia exclusively and another 11 percent having a distinct unit, wing, or floor designated as a dementia special care unit, according to the National Center for Health Statistics.Just over half of all nursing homes have a special Alzheimer's unit, according to the Alzheimer's Association's 2014 report.

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