Quincy MA Long Term Care Planning Attorney

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We had a good read. For the benefit of yourself. Be sure to read to the end. I want you to get good knowledge from Medicaid Eligibility . Quincy MA Long Term Care / Elder Law Attorney Planning Attorney Paul Tierney on how to preserve your assets... www.tierney-law.com Did you know that, if you are single, the odds are 50 percent that you will need long-term care? If you are age 65 and married, the odds are 75 percent that you or your spouse will need long-term care. The average nursing home stay, by the way, is 2.5 years. Long-term care is expensive. Nationally speaking, a year in a nursing home is estimated to cost an average of 460. Is it any wonder that 50 percent of mature couples become impoverished within a year after either spouse enters a nursing home? The number jumps to 70 percent for widowed or single persons. By the way, forget about Medicare paying for your chronic long-term care needs. Medicare only pays for acute nursing home care for up to 100 days, and even then your eligibility and payments are subject to very strict requirements. Remember, too, Medigap (ie, Medicare Supplement) policies typically will not pay for your chronic long-term care needs either. What about giving away your assets to your loved ones to qualify for Medicaid (ie, welfare)? Legally speaking, any transfer of assets for less than fair market value (ie, a gift) may subject you to a lengthy period of ineligibility under the complex and confusing web of Medicaid Regulations. And transferring assets can be hazardous for other reasons. Consider this: What would happen if your transfer of assets to loved ones rendered you ...

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