My spouse will need nursing home care and does not have long-term care insurance. Can I avoid becoming impoverished?
Yes. In addition to the wealth you may retain which is addressed in item 8, there are additional arrangements which are noncountable for Medicaid eligibility purposes. One example is an immediate irrevocable annuity which pays out monthly to you over a period of time not exceeding your tabled, not your actual, life expectancy. The annuity contract must be tailored to fit Michigan Medicaid requirements. You should see an elder law attorney familiar with both Medicaid and annuities before you make such a purchase. Another example, often more attractive, is to transfer assets (your assets, your spouse’s assets, and your jointly owned assets) which exceed the limits allowed into an irrevocable “for sole benefit trust” which pays out to you during your life. Such annuities and such trusts will name loved ones other than your disabled spouse as final beneficiaries. [Back to top] 12. I live in my residence and my spouse recently moved into a licensed nursing home. The cost of the nursing home
