Guest Blog: Protecting IRAs When A Spouse Requires Nursing Home Care – Columbus CEO
Medical bills were the biggest cause of U.S. bankruptcies—outpacing bankruptcies due to credit-card bills or unpaid mortgages—according to a survey by NerdWallet Health, which estimated 2 million people were adversely affected by skyrocketing medical costs in 2018. The study went on to say that having health insurance doesn’t buffer consumers against financial hardship.
Ohio and approximately 13 other states consider IRAs, 401ks, SEPs and other private sector retirement plans as resources that must be spent down if either a husband or wife requires nursing home care. Ohio’s Medicaid agency and legislators carefully drafted a regulation in the late 90s, which protected public employees’ retirement accounts, yet specifically targeted the retirement accounts of those in the private sector.
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