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Ralph Robbins, Apr 13, 2010
Ralph S. Robbins, CFP© is a fully licensed Certified Financial Planning Practitioner specializing in Eldercare Financial Planning. He works everyday helping families in crisis find creative ways to fund long-term care expenses and deal with family financial issues.
Once mom's money is gone either family will pick up the bill or you will have to apply for Medicaid benefits.However, spending down all of mom's money and then applying for Medicaid is, simply, bad advice.What most families don't realize is that although Medicaid may save them from financial disaster, it does not pay for everything... particularly when it comes to items for the comfort of the patient/client.You do not want your mother remaining in a nursing home without funds to augment what Medicaid will provide (what if mom needs glasses, dentures, hearing aides, clothing, special equipment, etc.?). Moreover she will be permitted only $35 per month for personal expenses such as hair, etc.I would advise that you do a search for "supplemental needs trusts" and "pooled community trusts" and learn about how this trust will allow:1. Mom to qualify immediately for Medicaid.2. Gift her remaining assets without penalty.3. Preserve her assets for her own health, maintenance, and welfare.4. Ensure quality of life while on MedicaidGoing to the social worker at the facility once her money is gone is the worst mistake you could possibly make.
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equanimity0606
Give a Hug
Apr 11, 2010
When her assets are gone social services will sign her up for medicaid. You might want to talk to the social worker at the facility she is living at. Most of the people who live in nursing homes are on medicaid.
Helpful Answer (1)
gettingthere
Apr 13, 2010
My mom has been in a nursing home for - get this - TEN YEARS - !! Medicare and Medicaid pay all - and she has $92 per month left over from Medicare to use for her personal use.
hapfra
Nursing homes can be quite costly---If your Mom is in a 'NOT-FOR-PROFIT' facility, you can ask the social worker how to apply for Medicaid....when she is eligible....if the facility is strictly 'for profit' you will probably have to find a place for Mom that would be best financially, as well as offer good quality of health care. I would start such a search sooner rather than later, by geting her name on a list after touring the facility.. Having been down this road in the past, there are options-so do not panic.
good luck!
Hap
195Austin
I found that going to medicare was not good because whoever you talked to gave a different answe and were very convincing they were right and whoever told you something else was wrong if they did not know the nswer they made something up I think you need an elder lawyer who knows the system but mine wanted me to declear bandrupecy even though it would ruin my credit and I decided to pay off my husband debts even thought it will take 5 yrs. whatever advice they give you have to decided what is best for you yourself.
beta42
MY MOM ONLY GETS 712.00 A MONTH . I AM CURRENTYL UMEMPLOYED- MY MOM DID NOT WANT TO STAY IN HER OWN HOME ANYMIORE- MY BROTHER NEVER MOVED O0UT AND MADE IT MISERABLE FOR HER - SHE WANTED TO DIE THER3 BUT IN FEB. OF THIS SHE WANTED OUT- SHE HAS NO SAVINGS AND THERE IS NO EQUITOY IN HER HOME- WILL SH BE ABLE TO USE HER SOC. SEC. INCOME AND MEDICARE TO GO INTO A HOME- SHE HAS ALZHEIMERS.
Helpful Answer (0)
naheaton
I guess it depends on how old your mother is, if her money will last 2 or 3 years. Nursing homes are the most expensive of options I thought, can you move her into an adult foster care place, or even asst living? They might be cheaper, and therefore the money will last longer. Just a thought.
She will be able to get medicaid and you can be sure the nursing home will apply for it well in advance so they will get paid -most nursing homes will let her stay and since the ones in our area are about 450 dollars a day anyone who is there for very long go through their money very fast and usually they can stay in the same place but might be moved to a different area of the facility so do not worry and once their money is gone the family does not have the burden of all the horrible paperwork they make anyone with assests to fill out.
hapfra's comment is the best.
PirateGal
gifting I think is interogated by the IRS...going back 10 years. I wish REAL ADVICE WOULD REALLY BE GIVEN AT THIS WEBSITE FOR A CHANGE! What is the real information about the government paying for Nursing Homes...why is everything so secret...all of us pay into the system who have worked during our lifetime.
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