“Information Bits from the Boss: Samantha provides brief answers to clients frequently asked questions”

​What if I was in a nursing home, what assets would be available for my care?
 
The answer to that is to identify what assets are exempt assets. If the asset is not exempt, then it is available for either a client’s or the client’s spouse’s long-term care. If you are a single individual, depending on the income that you receive every month, you would be allowed to keep a certain number of assets and then any other asset would be available to pay for your long-term care costs. If you are a married couple, Pennsylvania the spouse is allowed to keep the primary residence since it is an exempt asset. The nursing home cannot force the sale of the primary residence to pay for the institutionalized spouse’s care. The primary residence is exempt, the community spouse’s retirement (the non-nursing home spouse) is not available. Pennsylvania also allows a vehicle to be exempt (the vehicle of highest value). Lastly Pennsylvania allocates a certain amount the community spouse is allowed to keep, and that amount adjusts annually.  In 2022, the amount is $137,400. The assets, to the extent that they are not exempt, would be available for long-term care costs. If you have any additional questions about assets, please contact our office.