You do not have to spend all of your assets before you qualify for Medicaid. While technically as a single person you have to 'spend down' to $8,000 or $2,400 (depending upon your monthly income) before you are eligible for Medicaid, advanced planning, through the aid of an attorney who is knowledgeable in this area, can help you avoid spending all of your hard earned assets on the cost of a nursing home. The law is more flexible for married couples and it is possible that with proper planning you may be able to retain the majority of your assets.

The five year look-back period is where the government 'looks back' at any potential gifts you made during this time in an overall attempt at imposing a penalty period (or period of ineligibility) preventing you from receiving Medicaid benefits, leaving you to pay out-of-pocket for the cost of long term care.

One of the biggest fears a family can have is losing their home. The prospect of qualifying a loved one for Medicaid who is in need of long-term care oftentimes has the effect of amplifying these anxieties. We can put these fears to rest. There are advanced legal techniques such as the creation of life estates that will permit you to keep your home until you die and avoid the imposition of a Medicaid lien when your heirs go to sell the property.o sell your home.

Medicare will only pay for a maximum of 100 days in a skilled nursing facility and only the first 20 days are covered in full. Medicaid on the other hand will pay the entire cost of long-term custodial care in a nursing home if the person qualifies.

When you go into a nursing home you can give assets to your spouse and still qualify. The law permits a spouse to keep up to a current maximum of $104,400 in assets. In fact, the present state of the law will also permit even a greater amount under certain circumstances. Proper guidance from a qualified elder law attorney will help you get all you are entitled to.