January 07, 2022
Will Nursing Home Expenses take Pension and Social Security?
Will Nursing Home Expenses take Pension and Social Security?
In this episode, Chris Berry answers: Does social security and pension have to be taken for nursing home expenses?
Estate Attorney and Advisor Chris Berry of Castle Wealth Group answers questions on retirement and estate planning every Wednesday at 1pm. Register via this link or give our office a call at 844-885-4200.
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Episode Transcript
The social security and pension have to be taken for nursing home expenses. Welcome to Berry’s Bites! Please join our host attorney and financial advisor Chris Berry.
The answer is yes if you are in a nursing home they’re going to take your social security your pension leaving you 60 a month worth of your own income. Works a little bit differently if you’re married if one spouse is in the nursing home typically they’re going to take their income, but they’re not going to completely impoverish the healthy spouse but yeah typically they’re going to take your income that’s part of what’s called a patient pay amount.
So if you have three thousand dollars social security and pension they’re gonna take all of that leaving you 60 a month which is basically a haircut and getting your nails done so that’s why we work hard to protect the money so you can get dental work eye work get your hair done other things like that or if you’re a married couple ensure that a healthy spouse isn’t completely impoverished. That’s why the asset protection nature is so important that’s also another reason why when we’re talking to clients about retirement whether it take the pension or not a lot of times we lean towards not taking the pension because you lose control.
There’s other things we can do but if you just take the pension it’s straight income stream like social security and if you need nursing home care that’s money that’s just going to the nursing home we can’t divert that any other way first is if it was a lump sum there’s different things we could do to protect it whether we lump sum it out and put it in asset protection trust or even last minute there’s things we can do to protect. Thank you