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Long-term care can be very expensive, and the last thing you want is to be left destitute if your spouse requires nursing home care. So, what are you supposed to do? Fortunately, you have options to protect your hard-earned savings in the face of a care need. Allow us to clear up some misconceptions you may have about Medicaid and reveal how you can protect your assets from the nursing home.

Medicaid allows up to $15,000, in most states, to be funded into an irrevocable funeral expense trust for funeral expenses. The funeral expenses can include the following: Funeral home fees Musicians for service Headstone Death Certificate Hearse Cemetery Fees Burial Plot Casket Flowers (will vary based on state)

Paying for long-term nursing home care can drain anyone's nest egg but is it a necessary evil in order to receive the care you need? No. There are options out there to help pay for care without going broke - and we can help you explore them.

One of the biggest shocks for seniors planning for their long-term care is how expensive care facilities can be. At-home care and assisted living costs vary depending on the level of care required, but nursing homes are usually the most expensive since they provide hands-on, round-the clock care. Here's what to expect when it comes to nursing home costs in 2022.

If someone you love is in need of senior care or long term care, and you're helping them apply for Medicaid eligibility, then you'll likely come across the term “look back period”. The lookback period is an extremely important term that can help you understand how to avoid steep financial penalties.

An aging adult applying for Medicaid may realize they have many assets but they don't know which assets Medicaid will count and which will be uncountable. Countable assets become important as a long-term care Medicaid applicant attempts to spend down these assets to receive benefits.

If you've decided it's time to move your loved one into a nursing home, you'll want to keep an eye out for certain features to make sure your loved one is cared for appropriately. However, you'll also want to make sure to look for any red flags, too.

The asset limit for Medicaid is around $2,000 for a single person and $3,000 for a couple where both spouses are receiving care. However, some states have different allowances. The healthy spouse of a Medicaid applicant can keep a separate allowance between about $30,000 and $145,000 in most states.