If you are using your own funds to support your nursing care or other medical needs, you may be interested in knowing more about Medicaid. Medicaid is a program funded by the state and federal government. It's there to provide medical assistance to those with low incomes, including the disabled, blind and those ages 65 and older.
What you may not know about Medicaid is that it's the largest payer for nursing home payments in the entire United States. The program is there for those who have no other way to pay for their long-term care needs. There are federal guidelines you'll need to meet if you wish to collect these benefits.
Certain forms of assets aren't counted when you calculate what you earn each month and the total amount of assets you have for the purposes of qualifying for Medicaid. The state may count those assets that you have available to you to pay bills. Planning for Medicaid use ahead of time is a good idea, since that can help you shield some of your assets that may otherwise make it hard to qualify for the funds you need.
For those wishing to leave something for their loved ones, spending everything they have to go into nursing care may feel frustrating and futile. Using an irrevocable trust is one way to protect some of the assets you have for your beneficiaries. You'll want to place your assets into this trust early enough that the state doesn't accuse you of wrongdoing, which is something your attorney can give you more information on.