The spouse of a nursing home resident–called the “community spouse” — is limited to one half of the couple’s joint assets up to $119,220 in “countable” assets. This figure changes each year to reflect inflation. Called the “community spouse resource allowance,” this is the most that a state may allow a community spouse to retain without a hearing or a court order. The least that a state may allow a community spouse to retain is $23,844 and the maximum for Illinois is $109,560. If you should need assistance with protecting your assets from the cost of long term care, Strohschein Law Group helps families everyday to maximize the options for quality care and making sure the community spouse is provided for.
The Centers for Medicare & Medicaid Services (CMS) has released the 2014 federal guidelines for how much money the spouses of institutionalized Medicaid recipients may keep and the limit on how much a home can be worth for its owner to still qualify for Medicaid.