Nursing home care costs nearly $11k per month in Pennsylvania in 2020. So, what happens if you or a loved one finds yourself in need of long-term care, either expectedly or unexpectedly, but especially if this circumstance hasn't been planned for previously? You'll either need to pay for it out of your own (or your family's) pocket, using any possible long-term care insurance you may have to at least partially offset those costs, or you'll need to apply for Medicaid benefits for these long-term care costs so that your life savings aren't depleted over time, and you have nothing to pass down to your heirs or other beneficiaries when you pass.
So, what are the rules surrounding qualifying for Medicaid benefits for long-term care? In short, they are very complicated, but the most important thing to remember is the five-year lookback. In this episode, a clip from a virtual event held in September 2020, our firm's two long-term care planners, Kristin Daugherty and Tammy Zilske, who are also Certified Medicaid Planners, talk about the five-year lookback and how it works, and how it affects when you can qualify for Medicaid benefits for long-term care.
Nursing home care costs nearly $11k per month in Pennsylvania in 2020. So, what happens if you or a loved one finds yourself in need of long-term care, either expectedly or unexpectedly, but especially if this circumstance hasn't been planned for previously? You'll either need to pay for it out of your own (or your family's) pocket, using any possible long-term care insurance you may have to at least partially offset those costs, or you'll need to apply for Medicaid benefits for these long-term care costs so that your life savings aren't depleted over time, and you have nothing to pass down to your heirs or other beneficiaries when you pass.
So, what are the rules surrounding qualifying for Medicaid benefits for long-term care? In short, they are very complicated, but the most important thing to remember is the five-year lookback. In this episode, a clip from a virtual event held in September 2020, our firm's two long-term care planners, Kristin Daugherty and Tammy Zilske, who are also Certified Medicaid Planners, talk about the five-year lookback and how it works, and how it affects when you can qualify for Medicaid benefits for long-term care.