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When the time comes that a loved one can no longer live without a higher level of care than you can provide, the decision to move them to an assisted living or skilled nursing facility can be very stressful both emotionally and financially.
Typically, the burden of payment comes from private funds, but these are staggering numbers, and it is easy to see how quickly one’s assets can be depleted. However, there are programs available to assist with the costs. The most commonly known and utilized program for payment of nursing home expenses is Medicaid. However, in order to qualify for Medicaid, the applicant and his or her spouse must meet stringent asset and income requirements. The applicant must also require skilled nursing assistance at a level beyond what is provided by an assisted living facility.
At the assisted living level of care, the Veteran’s Administration, provides a program called VA Aid and Attendance. This program is available to veterans and their spouses as long as the veteran served during a period of war. While the rules are different, as with Medicaid, the availability and amount of the benefit is tied to the need for care along with asset and income restrictions.
NGL provides an array of products designed to help meet the asset and income restrictions. These products include a single premium immediate annuity that is both Medicaid and VA compliant. However, the appropriate use of these products is very specific to each individual situation and should be prescribed by professionals skilled in the areas of Medicaid planning.