When many Americans consider the possibility of long-term care in a nursing home and look to long term care insurance, they can find that such insurance is often difficult to obtain and afford. Medicaid is another possible funding source for long term care, but that usually needs advanced planning, according to CNBC in "Here's a surprise source you can tap for long-term care services."
The big catch with Medicaid is that it is only available for people with very few assets. To be eligible for Medicaid to pay for nursing home care, the patient generally needs to have fewer than $2,000 in assets. Unfortunately, patients cannot just give all their assets away to family members in order to satisfy this requirement because any such gifts/transfers will create a "penalty period" and disqualify them from receiving Medicaid benefits.
An experienced elder law attorney can advise you on your options should you be thinking of ways to handle the expense of long-term care.
Reference: CNBC (Feb. 27, 2018) "Here's a surprise source you can tap for long-term care services."