Nursing Home Care and Personal Savings

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  • BE Mike

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    I recently moved my father from independent living to a nursing care center. He is getting good care, but it is draining his life savings. I always understood that he would have to have all of his finances exhausted before Medicaid would take over. Now I've reading ads that say, that because my dad is a WWII vet and served overseas, that he is eligible for assistance for his care. I also saw that he doesn't have to exhaust all of his savings. This senior advisor thing is new to me. Is most of this rubbish or is there really something to it? I don't want to pay some goobers a big chunk of money to find out later that what I originally thought was true (he has to exhaust all of his personal finances before he can get assistance and Medicaid). Anyone in the know about this?
     

    Informed Decision

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    Personal but old experience says that your father can only have $1500 in his possession at any time. The nursing home will get anything else your father has. If any property is in his name.. they can have it sold to pay for his care. They can't take life insurance used for burial but I believe they can cash in others not tied to last wishes
     

    sugarcreekbrass

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    Personal but old experience says that your father can only have $1500 in his possession at any time. The nursing home will get anything else your father has. If any property is in his name.. they can have it sold to pay for his care. They can't take life insurance used for burial but I believe they can cash in others not tied to last wishes

    This is what I remember my dad having to deal with taking care of my grandmother. They changed the name on the house, sold her car, and used a life insurance policy to plan ahead for funeral expenses. They had to have the car appraised before selling it. Basically when you sign up for Medicare, the government owns you.
     

    hoosierdoc

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    That's Medicaid, not Medicare. When the state pays for your nursing home care they want to be reimbursed. Not really fair to claim poverty indigent status when you still have assets that could be used to pay for your care.
     

    BE Mike

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    So, seeing what is posted so far you are saying these senior advisor businesses are just a scam? My understanding of the rules are pretty much the same as yours. How can they say that veterans of foreign wars can get up to $2,100/ mo. for nursing home care? How can they say that a single individual can retain up to a half of his/ her life savings and still qualify for assistance? There was a full page ad in the local newspaper yesterday making these very claims.
     

    Fordtough25

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    We cared for my father in law for the past 3 years of his life, Vietnam veteran. We got no help whatsoever ever from the va or government. His few stays in a nursing home were covered for 30 days for recovery but we brought him home each time when that was up. I wish I had better info to give but we gave up on any help after trying and wasting lots of time.
     

    Alamo

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    There are lawyers (of course!) who specialize in "elder care" law and benefits. It is worthwhile finding one or two and consulting with them well before* you get to the point where you or someone else needs Medicaid assistance for nursing home care. By "well before" I mean something on the order of more than three years, IIRC. Medicaid will do a "look back" of the nursing home resident's assets, and if, for example, gramps gave his two grandkids $5000 apiece for Christmas within a certain look-back period (three years I think), Medicaid will demand that $10,000.

    *but if you don't have that much time or are already at that point, don't skip at least a quick consult with the lawyer.
     

    olhorseman

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    There are lawyers (of course!) who specialize in "elder care" law and benefits. It is worthwhile finding one or two and consulting with them well before* you get to the point where you or someone else needs Medicaid assistance for nursing home care. By "well before" I mean something on the order of more than three years, IIRC. Medicaid will do a "look back" of the nursing home resident's assets, and if, for example, gramps gave his two grandkids $5000 apiece for Christmas within a certain look-back period (three years I think), Medicaid will demand that $10,000.

    *but if you don't have that much time or are already at that point, don't skip at least a quick consult with the lawyer.
    IANAL, but I believe the clawback period for Medicaid reimbursement is 5 years. Any property transfers or gifts within the 5 years is subject to having to be paid back to Medicaid.
     

    SSGSAD

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    My mom, is in Fl., my sister did "something" to "protect" our inheiritance .....

    It did involve a Lawyer .....

    Other than that, I don't know anything .....
     

    patience0830

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    Veterans of shooting wars can get some benefit for themselves and also for widowed spouses. Dad was in the Navy during the Korean conflict and mom got some amount monthly for home assistance. Not sure about protecting assets.
     

    awames76

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    we payed $5000 for a lawyer in bluffton, they help get on medicaid [edited] after that id call with questions no cost. paper work cost money. best money spent

    iirc 1500 is max, keep it well under that. they get $52 iirc a month from ss. so over time it adds up. if married its 2500 i think. u can keep car and house. car has to be payed from his account. u can put the money in his acc for it. if u rent the house any money from the rent the nursing home gets. as for as vet dont know. unemployment office might know who to ask. they help alot with work.

    pay the money for a lawyer that specializes in elder law, keeps u out of trouble with the law,


     
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    hoosierdoc

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    do you mean Medicaid?

    You can keep the house if the goal is a temporary nursing home stay and the intention is to return home. They will come after the value of nursing home stay when the estate is settled I believe though when the person passes away. You can also keep the home if there's a disabled person or a dependent under 18 at the house I think. Some weird rules.
     

    The Bubba Effect

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    Talk to an elder law attorney and ask them if a trust would be of benefit to protect assets. PM me if you need some recommendations.

    I agree. Talk to a lawyer who lives and breathes this stuff. I met with two different elder care planning attorneys while helping with my father's care.

    This is important enough that you need specific guidance crafted around your specific situation.
     

    MontereyC6

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    You need to get an elder law attorney. Depending on how much money you're talking about, they can save as much as half of it. The number is close to every $6000 of money the person has, they have to provide for 1 month of private care.
     

    awames76

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    mom had $36,000 after dad died, it lasted 3 months after she pre payed funeral expenses, around $9000, after she passed there was no money to pay for it.

    there is alot u can and can not do, alot will get u in a lot of trouble with the law. best to have legal help. his money can pay for the lawyer. funeral expenses.
     

    miguel

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    At the risk of sounding insensitive, do you expect the stay to be short based on his medical condition?

    The reason I ask is that, as mentioned above, many of these facilities will take the approach that, "He'll be here for years, so sign everything over..." when dealing with care givers who are generally under a profound amount of emotional and intellectual stress. If someone will live another ten years, maybe that makes sense. I knew my grandfather was on the way out, despite the family not wanting to admit it and as his appointee, rolled the dice on a short stay, paying out of his finances rather than letting Uncle Sam save the day...

    Unfortunately I was correct, so his estate (happily) ended up with his children, rather than in a government slush fund.

    I would recommend talking to an elder care specialist. It will be worth the money as stated by many above.
     

    BE Mike

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    At the risk of sounding insensitive, do you expect the stay to be short based on his medical condition?

    The reason I ask is that, as mentioned above, many of these facilities will take the approach that, "He'll be here for years, so sign everything over..." when dealing with care givers who are generally under a profound amount of emotional and intellectual stress. If someone will live another ten years, maybe that makes sense. I knew my grandfather was on the way out, despite the family not wanting to admit it and as his appointee, rolled the dice on a short stay, paying out of his finances rather than letting Uncle Sam save the day...

    Unfortunately I was correct, so his estate (happily) ended up with his children, rather than in a government slush fund.

    I would recommend talking to an elder care specialist. It will be worth the money as stated by many above.
    I bought a pre-paid funeral a few weeks ago, since he has no life insurance of any great value. The plot is paid for and headstone is already in place (shares with deceased wife). I suspect that my father will go on for a few years, since he is physically ok now. There is no real property to deal with. He probably has enough savings to last for a few years, but at a cost of $70,000/ annum for nursing home care, it'll dry up quickly. He is on a monthly billing status with the facility. I might call our attorneys who did our wills, POA, etc. and just get some ideas.
     
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    Tanfodude

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    Assests can be protected using a trust. A lawyer is good but a really good social worker is better. I'll try to ask about this next week and I'll come back with an answer.
     
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