How much will long-term care insurance
cost?
The younger you are when you buy it, the lower the
premium will be. The cost depends on the specific
features of the policy that you buy and on your age.
Policy features that determine the cost include the
benefit amount and how long the benefits are paid.
Extra features like inflation protection or return
of premiums can add to the cost.
Will we get to protect any of our savings
and assets if my spouse needs nursing home care?
You can. Married couples do not have to spend all
of their money on care for the spouse who is ill.
Medicaid rules say how much of the couple’s resources
can be kept: for the spouse who is not ill and is
still living at home (“community spouse”); and how
much a couple must spend for the care of the spouse
who is ill (the “institutional spouse”).
How
much can a couple keep?
To receive Medicaid
benefits, a married couple must spend one half of
their “available resources” (as determined by Medicaid
rules) for the spouse needing care; and can keep one-half
for the spouse living at home, subject to a minimum
of approximately $19,000, and a maximum of approximately
$90,000 — subject to further adjustments. One goal
of elder law planning if often to maximize the amount
a husband or wife can keep.
