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2
Posted on 6/5/21 at 6:23 pm to JBM210
So according to another poster I need to use up my personal assets before any assistance kicks in. Exactly what does that mean? If I have a few thousand dollars in a savings account they will take that first? I have equity in my home or maybe own a rental property? Hell if I have $50K in savings and $500K in a 401K do they want that too before I can get help? I just as soon pay for 24 hour at home care for her until I’m flat broke right?
Posted on 6/5/21 at 7:05 pm to JBM210
quote:
She does have life insurance
Call the company and ask if there is a living benefit.
A benefit that pays if she is hospitalized for a prolongued period of time or pays if she cannot perform so many (often 2) daily living functions by herself.
There is a fee to do this (offsetting some additional death benefit usually) but it is a great protection and usually free in a good life insurance plan.
Posted on 6/5/21 at 7:59 pm to JBM210
Whoever told you that you need to exhaust your personal assets to get her qualified for Medicaid is completely wrong.
If you do the medicaid planning you can likely preserve all of her assets, not have to pay anything from any of her assets, and have medicaid pay for the nursing home.
If you do the medicaid planning you can likely preserve all of her assets, not have to pay anything from any of her assets, and have medicaid pay for the nursing home.
This post was edited on 6/5/21 at 8:00 pm
Posted on 6/6/21 at 5:16 pm to JBM210
It’s going to cost 5-6K a month to put her in a nursing home. Pretty sure mediCARE does not cover nursing homes. Nursing homes that accept MediCAID are generally pretty crappy. If you can afford home care I would suggest that.
Posted on 6/6/21 at 5:25 pm to tygerfan1
Home care is by far the most expensive form of care. Not realistic for someone that needs nursing home level of care (around the clock care).
Nursing homes are much more than 5-6k in most states.
Most nursing homes accept medicaid, so you just have to find a good nursing home (oxymoron) that has an open medicaid bed. I've been in dozens of nursing homes. Inexpensive to expensive. I haven't been to one yet that I'd considered nice -- although some are much better than others in terms of care.
Medicare will only pay up to 100 days after a qualifying stay in a hospital for skilled rehab. Almost no one will make it to 100 days since medicare is quick to cut people off. Also, after a certain number of days (I believe 40), there's a large co-pay that kicks in.
Also the golden rule is if you want your loved one to receive the most attention/best care: visit them often. Multiple times per week if possible and get to know the staff. This can go a long way to make sure your loved one gets an adequate amount of care.
Nursing homes are much more than 5-6k in most states.
Most nursing homes accept medicaid, so you just have to find a good nursing home (oxymoron) that has an open medicaid bed. I've been in dozens of nursing homes. Inexpensive to expensive. I haven't been to one yet that I'd considered nice -- although some are much better than others in terms of care.
Medicare will only pay up to 100 days after a qualifying stay in a hospital for skilled rehab. Almost no one will make it to 100 days since medicare is quick to cut people off. Also, after a certain number of days (I believe 40), there's a large co-pay that kicks in.
Also the golden rule is if you want your loved one to receive the most attention/best care: visit them often. Multiple times per week if possible and get to know the staff. This can go a long way to make sure your loved one gets an adequate amount of care.
This post was edited on 6/6/21 at 5:27 pm
Posted on 6/6/21 at 6:45 pm to TheOcean
So here in the state of La, my assets are her assets since we are married. Prior to her most recent set back, i was paying $1100 a week for a caregiver while I went to work. That money has been exhausted since its been roughly 18 months since she was home full time
Posted on 6/6/21 at 7:03 pm to JBM210
Sorry, forgot you are married. In most states you are allowed to keep $130k of non exempt assets in your name and you are allowed exempt assets (e.g. Homestead and IRAs in most states). How much over 130k are you?
Posted on 6/6/21 at 8:04 pm to JBM210
There are attorneys that specialize in elder care and disability planning. Well worth a couple of hours consultation, IMO. Prayers lifted .....
Posted on 6/6/21 at 9:56 pm to cadillacattack
Great answers. Y'all are helping me as well as the OP ..
Thanks yall
Thanks yall
Posted on 6/7/21 at 12:16 pm to JBM210
Medicare only covers skilled care. You need Medicaid or Commercial coverage for regular nursing home care. You need to find a lawyer or someone who specializes in this to talk to. Unfortunately, Medicaid has a look back period so your assets may be out of luck already.
Nursing Home coverage is one of big problems with healthcare in this country. It can bankrupt someone just like regular medical bills. I’m a retired healthcare CFO.
Good luck to you and your wife, and please find a specialist in this to talk to.
Nursing Home coverage is one of big problems with healthcare in this country. It can bankrupt someone just like regular medical bills. I’m a retired healthcare CFO.
Good luck to you and your wife, and please find a specialist in this to talk to.
Posted on 6/7/21 at 12:22 pm to JBM210
As a follow up. Most Nursing Homes are good despite the “nightmare” stories you hear. Just like hospitals. If your in that business you’re going to have an unexpected outcome every now and then and people will yap about it. Healthcare facilities cannot defend themselves publicly because of HIPAA laws. Every unexpected outcome goes through quality reviews and corrections (if needed) are made.
Posted on 6/7/21 at 1:30 pm to JBM210
Hire a lawyer, it will save you the most money possible
Losavio and DeJean are in Baton Rouge, they’ll do the entire thing for 10k
Spend 10k to save your life. Medicare are total sharks and will rob you blind
Losavio and DeJean are in Baton Rouge, they’ll do the entire thing for 10k
Spend 10k to save your life. Medicare are total sharks and will rob you blind
Posted on 6/7/21 at 5:12 pm to JBM210
Get a camera for the room
They will try to talk you out of it but do it
I am very sorry you are facing this, it’s not an easy decision
They will try to talk you out of it but do it
I am very sorry you are facing this, it’s not an easy decision
Posted on 6/7/21 at 5:58 pm to TheOcean
quote:
Sorry, forgot you are married. In most states you are allowed to keep $130k of non exempt assets in your name and you are allowed exempt assets (e.g. Homestead and IRAs in most states). How much over 130k are you?
Are you practicing law in LA?
My parents are burning through an IRA housing my dad in an assisted living facility since Jan. Everything on the LA website I read says they won’t qualify for Medicaid.
Posted on 6/7/21 at 6:39 pm to B4YOU
No, I practice in another state. Most states exempt IRAs from Medicaid as long as the owner is receiving RMDs. The RMDs = income, but the IRA itself is exempt for Medicaid.
Medicaid will only pay for a portion of an ALF if your state offers the Medicaid waiver program (they pay about $1,300 per month for an ALF here in my state). Usually there's a long waitlist to get on the waiver program, but if you know how to game the system you can get Dad to the top of the list.
Medicaid will pay for every penny of the nursing home, however.
We like to stack medicaid/VA aid and attendance benefits for parents who are in ALFs but are not yet ready for nursing homes.
Medicaid will only pay for a portion of an ALF if your state offers the Medicaid waiver program (they pay about $1,300 per month for an ALF here in my state). Usually there's a long waitlist to get on the waiver program, but if you know how to game the system you can get Dad to the top of the list.
Medicaid will pay for every penny of the nursing home, however.
We like to stack medicaid/VA aid and attendance benefits for parents who are in ALFs but are not yet ready for nursing homes.
Posted on 6/8/21 at 12:58 pm to TheOcean
quote:
Sorry, forgot you are married. In most states you are allowed to keep $130k of non exempt assets in your name and you are allowed exempt assets (e.g. Homestead and IRAs in most states). How much over 130k are you?
I don’t believe IRAs and the like are exempt in LA, unfortunately.
Posted on 5/17/22 at 9:37 am to JBM210
You say she'll be getting Medicare.
Do you mean Medicaid?
Medicare is typically only for people over 65 and who have a few delineated diseases.
There is an entire area of law dedicated to Medicaid planning. At this point you might be out of luck but you might want to consult a Medicaid planning specialist to see if you can somehow declare your assets as your separate property (without having to wait five years) so that Medicaid isn't entitled to those assets when your wife dies.
Do you mean Medicaid?
Medicare is typically only for people over 65 and who have a few delineated diseases.
There is an entire area of law dedicated to Medicaid planning. At this point you might be out of luck but you might want to consult a Medicaid planning specialist to see if you can somehow declare your assets as your separate property (without having to wait five years) so that Medicaid isn't entitled to those assets when your wife dies.
Posted on 5/17/22 at 10:41 am to JBM210
I've been through this with both parents in Ascension parish. There is a "spousal impoverishment" provision that allows surviving spouse to retain certain assets for personal maintenance living.
Medicaid Eligibilty Guide
LA Medicaid Income & Asset Limits
Medicaid Eligibilty Guide
LA Medicaid Income & Asset Limits
This post was edited on 5/17/22 at 5:20 pm
Posted on 5/17/22 at 11:19 am to ynlvr
I think your wife's SSI (or Medicare income) will go directly to LA Medicaid if you go that route.
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