Protection of Assets and Long-Term Care Insurance

What about Medicaid?In most states, to be eligible for Medicaid assistance, you must have less than $2000 in assets. Your home, one car, and $30 in monthly income are excluded from this provision. Every other asset or income stream (including pensions and social security) goes to the state. Medicaid also is much more restrictive than long-term care insurance. In many states, Medicaid will only pay for assistance in nursing homes that accept Medicaid patients. You would not have the comfort of receiving assistance in your own home like long-term care insurance could offer you.

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