Long term care in a nursing home is not covered by health insurance. That means residents must pay the $8-$10,000 or more per month out of their own savings (unless they have Long Term Care Insurance). A year in a nursing home will wipe out the savings of the majority of Americans and can cause them to lose their homes.
The State of Maryland will pay for Long Term Care for those who qualify for Medicaid, but the terms are VERY complex. If you plan properly, you can protect much of your savings and still qualify.
Ideally, no less than five years before being admitted to a Nursing Facility, which means your best guess about when that might be. But it is almost never too late to consult with an Elder Law attorney about how you can qualify for Medicaid while protecting your assets.
For an excellent overview of Medicaid – Long Term Care, see THIS LINK.
For more information, please contact me.