If your ? is about keeping thier home, heres things to consider: If they have a home with a mortgage (horrors!), there could be a limited term waiver of the SOC to instead of being paid to the NH is used to pay the mortgage. TX medicaid has this but it's not automatic, needs to be applied for & with documentation from mortgage co. House needs to be on market with Realtor contract (no FSBO nonsense) with MLS listing. I think it's limited to 6 mos, so motivated listing. It makes sense to do this so house can be sold (rather than foreclosed on) with whatever $ left over after mortgage struck is then a spend-down rather than paid by Medicaid.
Take the time to go through their finances in detail to see realistically what the "nut" on the house is; what the increased costs are Likely to be (eg increased property taxes, vacant policy dwelling policy); and tally all this up to see if fits your wallet (& sense of humor) for possibly years....and years... If its the situation that your DPOA but interdependent on siblings to pay for or do things on the property, well based on posts on this site, that plan inevitable falls apart. There have been some who have thier elder keep the home but it was rented with rent used to offset property costs with remainder becoming monthly income (so included in the SOC paid to NH). Your elder could live 6 mos or 6 years, so to me you need to ask yourself is it feasible to pay & deal with the whatevers on the home with no set endpoint.
Also look at the exemptions & exclusions are for Medicaid MERP (estate recovery) for your state and IF you & other heirs are likely to meet these with the documentation required. Keeping an elders home can be done but will not be simple. Good luck & keep your sense of humor going if you do this!
It varies somewhat by State. Anything over $2k must be disposed of just to eligible to start with. Then, all of that is used to self pay NH...after that Medicaid takes over. Personal allowance is usually about $10 per week when in a nursing home. But, each state has rules.
The personal needs allowance is $46 per month as of March 2017. Her share of cost will be all other income - social security, pensions, etc. Once a person goes into nursing home on Medicaid, all their money goes to pay for their care. There is no money left for credit card bills, home repairs, mortgage, property taxes, etc.
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If they have a home with a mortgage (horrors!), there could be a limited term waiver of the SOC to instead of being paid to the NH is used to pay the mortgage. TX medicaid has this but it's not automatic, needs to be applied for & with documentation from mortgage co. House needs to be on market with Realtor contract (no FSBO nonsense) with MLS listing. I think it's limited to 6 mos, so motivated listing. It makes sense to do this so house can be sold (rather than foreclosed on) with whatever $ left over after mortgage struck is then a spend-down rather than paid by Medicaid.
Take the time to go through their finances in detail to see realistically what the "nut" on the house is; what the increased costs are Likely to be (eg increased property taxes, vacant policy dwelling policy); and tally all this up to see if fits your wallet (& sense of humor) for possibly years....and years... If its the situation that your DPOA but interdependent on siblings to pay for or do things on the property, well based on posts on this site, that plan inevitable falls apart. There have been some who have thier elder keep the home but it was rented with rent used to offset property costs with remainder becoming monthly income (so included in the SOC paid to NH). Your elder could live 6 mos or 6 years, so to me you need to ask yourself is it feasible to pay & deal with the whatevers on the home with no set endpoint.
Also look at the exemptions & exclusions are for Medicaid MERP (estate recovery) for your state and IF you & other heirs are likely to meet these with the documentation required. Keeping an elders home can be done but will not be simple. Good luck & keep your sense of humor going if you do this!
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