Can anyone tell me if 401k money has to be used for nursing home care as if it were personal assets? I would think it would be considered for retirement
income only. Say for example I am put into a nursing home; my plan was to have my 401k money available for my wife to live on if I were to pass. I could see
it being consumed very quickly for nursing home fees; thus potentially leaving little for my wife. She does have her own 401k, but not as much. Are there
ways to put it into trusts, etc. to avoid this? Or is that not necessary? Thanks in advance...................
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401k use for nursing home care
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 tnardyh |
401k use for nursing home care |
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Posts: 1 (07/17/08 10:50:39) |
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fender5150 |
What State are you in? | ||
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Posts: 58 (07/28/08 14:07:14) Contributing Member |
I'm no expert in this field, but I'll reply in hopes of getting a dialogue going.
I'm assuming your question is regarding (the required spend-down of assets in order to be eligible for Medicaid), correct? I'm pretty sure 401k assets are taken into consideration for this. There are firms that specialize in helping people navigate this maze. Some charge a great deal, so be careful. Medicaid is funded by the Fed and the state, and it's operated by the state. So different states have different rules. If you are in or around Ohio, I would recommend visiting this website: www.savingwithoutsacrafice.com I have learned to trust this organization. IE: They have made me look good every time I've recommended them. : ) Thanks, Fender www.401ktest.com
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