In other words, that s/he has a monthly income insufficient to pay for necessary medical care and has countable assets that fall below the two thousand dollar (,000.00) limit.If one spouse will enter long term care and the other will remain in the community, between the married couple, they may keep a total of 7,240 (Community Spouse Resource Allowance “CSRA”) in non-exempt resources.Ask them: What are their resources and liquid assets should they need care? Who are the beneficiaries of life insurance policies, annuities and retirement accounts?Where do they want to live should they need assistance?
An applicant can have no more than ,000 of “countable” resources in their name.
Cost for care can range from per hour for an in-home health care worker to over ,000 per month for a special memory or Alzheimer’s clinic.
Because of the growing population of Baby Boomers, long-term care costs are expected to outpace inflation for the foreseeable future.
Exempt property includes the home, certain pension and retirement accounts, personal property, a motor vehicle, business property, and many other forms of assets.
Generally, long-term care refers to the assistance that a person needs throughout the day when their health is compromised.