Higher premiums mean that fewer consumers are buying long-term care coverage, and those who are buying are purchasing less protection, says Forbes magazine columnist Howard Gleckman.
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.