Can the cost of nursing home care use up my retirement accounts? Yes!! All retirement accounts – IRAs, 401ks, 403bs and deferred compensation plans are “Available Resources” in Ohio and must be used to pay for your nursing home care, along with your other assets, before Medicaid will take over and pay. There are legal and legitimate ways to protect your plans, and this should be discussed with your estate planning attorney.
– Attorney Jack N. Alpern