Medicaid and Long Term Care Planning

If you or a loved one is currently facing financial hardship due to cost of long-term care (in-home care, assisted living, nursing home, memory care, etc.) you are not alone.

For residents of nursing homes the cost can be significant even if they are fairly independent. The current average skilled nursing facility in Boise is approximately $100,000 per year, or over $8,000 per month, for a single individual.  For individuals paying privately for in-home care the current average yearly cost over $45,000 (for only 44 hours per week of care/supervision).*  Moreover, the cost of care is ever increasing due to heightened demand and care-giver labor shortages.

Long-term care planning aims to utilize government programs such as Veterans Assistance and Medicaid to assist in meeting these costs of care.  Medicaid planning is no different than tax planning, or bankruptcy planning, in that we utilize the rules and strategies available by law to qualify for these benefits and programs more quickly, without requiring an individual spend down all their assets below poverty level.  Without planning, an individual is required to spend down assets to a mere $2,000 before they are eligible for Medicaid long-term care assistance.  Through strategies including use of trusts, planned giving, asset shifting, and targeted investing we can assist a client in gaining this assistance with additional assets to ensure the final years of life are comfortable and less stressful.

See Genworth Cost of Care Studies: