My Spouse Needs Nursing Home Care… Will I Go Broke Too?
One of the biggest misconceptions about Medicaid is that when one spouse enters a nursing home, the healthy spouse must spend everything before help becomes available.
That is simply not true.
Michigan Medicaid rules contain important protections for the “community spouse” — the spouse still living at home. In many cases, the community spouse may be able to:
- keep the marital home,
- retain a portion of savings and investments,
- preserve income,
- and avoid complete financial devastation.
Unfortunately, many families panic after a nursing home admission and begin liquidating assets or transferring money without understanding the rules. Those actions can sometimes create unnecessary penalties or financial harm.
The reality is that Medicaid planning for married couples is highly technical. Factors such as:
- how assets are titled,
- whether retirement accounts exist,
- monthly income levels,
- and prior gifting
can dramatically impact eligibility and asset protection opportunities.
With proper planning, it is often possible to protect a substantial portion of the family’s assets while still obtaining the care a loved one needs.
The worst thing families can do is assume they have no options.
If your spouse is entering a nursing home or you are concerned about protecting your savings and home, contact The Woods Law Office PLLC to discuss your options before unnecessary assets are lost.
