Savings Calculator

This program will offer you an idea of what your estimated savings (asset protection) could be should you consider Medicaid planning.

There are two types of situations; a single person entering or about to enter a nursing home and/or a husband and wife situation in which one person has entered the nursing home. Calculating potential savings is different depending on whether it is for a single person or a married couple.

A Single Person

The calculator program is basic in design. You will enter your total assets, your income, and your nursing home expense or assisted living expense (room and board only) to determine the potential asset savings by utilizing asset protection through Medicaid planning.

A Married Couple

You will enter half (1/2) the total assets to a maximum of $109,560 (this figure changes annually), the institutionalized spouse’s income, the institutionalized spouse’s nursing home expense or assisted living expense to determine the potential savings by utilizing asset protection through Medicaid planning. Please note that assets in a spousal situation are evaluated differently and other options are available that are not otherwise accessible for a single person.

Basic Assets:  bank accounts, investments, insurance cash value, savings bonds, additional real estate other than the primary residence, time share, parcels of land, IRA accounts, 401K accounts, 403B accounts, inheritance funds. All assets are counted except for the home property (the exception is if the home property exceeds $500,000 in assessed value for a single person – then the home is counted as an asset), and the individual’s vehicle.

Basic Income:  Social Security, pension, rental income, survivor benefit, earned income, social security disability income

Room and Board Expense:  This is the daily rental cost of having a room in a facility. This does not include medications or ancillary charges.

Disclaimer:  The Asset Calculator provides a basic assumption of assets, income and expense for an institutionalized individual. This demonstration is designed to offer a general idea of what is possible should you consider Medicaid planning or Elder Care planning for the future. Accent on Elder Law, Inc. does not guarantee, warrant or make any promise that the above calculation is accurate nor is the demonstration a statement of actual assets that will be protected. Each situation is thoroughly evaluated on a case by case basis. All situations are uniquely different requiring an initial face to face consultation and a comprehensive intake of information and documentation to validate all figures and calculations before rendering an opinion.