Won't Medicaid pay for my Long Term Care?

Medicaid will cover long term care expenses, but only after assets and income have been spent down making the remaining spouse, if any, "impoverished". Assets that need to be spent down include retirement and brokerage accounts, savings, CD's and social security income. Medicaid will allow for an impoverished spouse to keep only 1 car, 1 home, and a very limited monthly income. Any additional vacation homes,vehicles, monthly income or anything with real value needs to be sold, and proceeds used to pay for long term care needs. Medicaid usually requires an annual audit of finances to make sure that the impoverished spouse still qualifies for the assistance. For any additional information on this subject, feel free to contact us with your questions.