Protect Your Assets

What if you or your spouse had to enter a nursing home?

You could lose a big chunk of savings paying for nursing-home care-- unless you have done some planning.

Perfectly legal strategies could protect your assets.


Case #1: Donald Bloss and his wife, Mary Ann, figured they were all set for their golden years. Although they did not own a home, he had sufficient cash in the bank, several CDs and a host of blue chip stocks. He and his wife, both having worked all their lives, were drawing decent Social Security, and Medicare took care of nearly all medical bills. What he hadn't figured, however, ruined their well-laid plans. Mary Ann after a debilitating stroke had to enter a nursing home. But this time, Medicare was of no help at all and Medicaid asked them to exhaust their savings--well, nearly all of it--before it would consider them for nursing-home assistance.

Don and Mary Ann didn't know that they could have protected their life savings,
perfectly legally, only by slightly rearranging their finances and assets. They simply got
blindsided by some complex rules written by our folks in Washington. D.C.

Case #2: Hilda Sawyer had gone even a step further in her planning. She knew, through her friends' experiences, how expensive nursing-home care could become. So she had bought a long-term insurance policy from a well-known company expecting it to pay nursing-home bills, if the need ever arose, Well, it did but the insurance company would not pay, citing an obscure loophole in the policy. This came as a total shock, and all her planning was for nothing.

Case #3: John St. Clair's story, however, ended differently. He knew about Medicare, Part A and Part B, for which he had signed up as soon as he had become eligible. He knew that Medicare was not a panacea for all his needs. Sure, there are gaps in coverage for doctors and medical supplies, inpatient hospitalization and home health nursing. But that is exactly why he had purchased a Medigap policy, choosing carefully one of the ten state-approved plans.

He even had looked into various nursing homes because there existed a real possibility that his wife may have to be put up in a nursing home, as she was showing early signs of Alzheimer's disease. He had carefully investigated various long-term care insurance plans, and after checking with the state insurance commissioner purchased a policy that made sense. But above all, he had arranged his finances so that his wife would become eligible for nursing-home assistance almost immediately. He knew what were "countable" assets and which were "exempt" assets; he knew the latest twists and turns in the Medicaid rules. He didn't go to some
high-priced attorney for this, for he didn't have the kind of money the attorney wanted. He had all the help he needed; all he wanted to do was protect his nest egg that they had built up just for those years when everything has to be budgeted. He wanted to be sure that his wife was being well cared for in a nursing home and that he had enough money left to take care of himself at home.


There's nothing far-fetched about these cases. These scenarios are being played out in thousands of homes across America as the elder citizens grapple with the awesome burden of medical care, just when they need it the most and seem the least capable of getting it.

America is getting older. The group over age 85 is now the fastest-growing segment of the population. The golden years, however, are not without their problems. Forty-three percent of those who turned age 65 in 1990 will enter a nursing home at some time during their life. Since women generally outlive men by several years, they face a 50 percent greater likelihood than men of entering a home after age 65.

Nursing-Home Costs Can Wipe You Out.

How much does a nursing home cost? Plenty. As a national average, a year in a nursing home now costs between $25,000 and $30,000, and in some places as much as $50,000.

Who pays for your nursing home stay?

In nearly half the cases, the answer is you. It is not uncommon for a person who is forced to enter a nursing home to spend their entire life savings on nursing home care within the span of a few months. Half of all couples with one spouse in a nursing home lose their life savings within only one year. It is tragic to see these people work hard all through the years, building a nest egg for their golden years, only to have everything taken away by nursing home. There is absolutely nothing left to show for their years if earnest labor.

Many people are under the mistaken notion that Medicare would step in and pick up their nursing-home bills. They'll be shocked to find out that Medicare pays only about 2 percent of nursing-home bills with individuals picking up nearly half the tab.

Medicaid would come to the rescue if you're at least 65, blind or disabled and meet
certain income and asset limitations. And therein lies the rub. In most cases, you'll be required to turn over most of your life savings to the nursing home before Medicaid will pay a cent.

Protecting Your Assets, Perfectly Legally

But this need not be so. Medicaid rules are fairly complex, but if you know them and
arrange your finances accordingly, you might be able to keep your nest egg and still qualify for nursing-home assistance.

you see there's nothing illegal or immoral about arranging your financial affairs in a
way as to maximize your benefits as allowed under the law. In fact, this is fully sanctioned by the law. The trick is doing the right thing at the right time.

So what's the solution? Is there any legal way to protect your assets if you or your spouse has to enter a nursing home? Answer: Yes.

* 11 ways to protect your assets - all legal and easy to implement

* How to protect your home after you've entered the nursing home

* How to convert "unprotected" assets into "protected" assets

* Double whammy for the unmarrieds: If you've no dependent living at home, you've very likely to lose your home.

* Caution for married couples: Unless you take appropriate steps, assets that are protected today may not be pretected tomorrow.

* Timing is crucial in your planning to protect your assets. Bad timing can result in your loss of eligibility for Medicaid and loss of your valuable assets.

* Believe it or not, divorce can actually help in protecting your assets.

* Joint ownership of assets can be the worst mistake you can make. It can result in a loss of everything to a nursing home.

* The law says you can't transfer assets to your children or others in anticipation of going into a nursing home. But we'll show you nearly a dozen, perfectly-legal ways to protect your assets.

* 21 questions to ask before buying a nursing-home policy.

Our newest publication may not only answer many of these questions but also help you plan your finances so that you may not lose your assets to a nursing home. It is available to our customers for a nominal price of $29.95 (regular price $39.95.) Add $3.00 for postage. Believe me, politicians and bureaucrats in Washington have created a maze of laws for the unwary elderly. Many of us will end up spending our nest egg in a nursing home. But some others will avoid the Medicaid trap. They'll get the government to pick up the tab while keeping their assets for their children.



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