LIVE LONG ENOUGH, AND you may face a difficult transition: You need nursing home care, but your assets will run out long before your life ends. If you have no assets, Medicaid will pay for nursing care, but only once you’ve used up most of your own resources.
Scrambling to qualify for Medicaid can be difficult and leave your spouse or heirs with less than you had hoped. That’s why the best time to plan for the possibility you will outlive your assets is years or even decades before your money runs out.