When most people think of the cost of senior care, they quickly follow that thought with the phrase, “social security will never be enough.” But, they are wrong. Here is how.
Embedded in the Social Security Act is a set of laws that sets up a benefit called Medicaid for the Disabled and Elderly. It is a program designed to help people on limited incomes who have limited resources to obtain nursing home care. The income and resource restrictions are tight, and the laws are applied rigidly, but the program is designed to make sure that everyone can access quality long term care without impoverishing spouses. All the program requires is that the patient apply their social security (after diversion to a spouse to meet minimum income levels) towards the cost of their care. The program will pick up the rest of the bill. Therefore, a person with a right to social security, with Medicare Part A, Part B, and a Medicare Supplement Plan in place, should not have to worry about the costs of long term care.
Of course, the Government can assert a lien on, and a claim in, the Probate estate of a deceased recipient of Medicaid. In the long run, this benefit looks a lot more like a Loan than a Benefit. However, helpful information, wise planning, and counseled pre-positioning can accomplish the goal of getting anyone (anyone, Bill Gates, Warren Buffett, anyone) eligible for this benefit while preventing Medicaid Estate Recovery. So, with the right counsel at your side, anyone can obtain long term care for little more than their monthly social security income.
This article is written by an attorney at Wyatt & Mirabella, PC. Always consult an attorney before making any legal decisions. To make an appointment today for a free consultation, please click here to contact us.