How The Nursing Home Spend-Down Program Affects You And Your Family
Your Federal Government has mandated (as of June 30, 2006) that before you qualify for nursing home care, you must spend-down all of your assets. These restrictive new rules are designed to impoverish the healthy spouse. They have mandated a 5 year look-back, that means you better have done something to protect your assets 5 years before you become sick.
Without careful attention your accumulated wealth can disappear before your very eyes, because you were unlucky in your health. If either you or your spouse get sick, before you can ask for any government assistance, you must spend all of your accumulated wealth, leaving your healthy spouse without any resources to keep on living the lifestyle you and your spouse are normally accustomed to.
Good health, although very important and a blessing, cannot be relied upon as we all know no one can predict the future. But you can do something about this now to ensure that your wealth is limited to how much the government can expect from you.
There is a method to insulate your assets from the nursing home mandated spend-down. So what is this...
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