When long term care becomes a necessity how will we possibly pay for it?

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dmillerss Asked July 2017

When long term care becomes a necessity how will we possibly pay for it?

My mid-80's parents have only SS Income, and no savings or assets other than an old car ... but their combined monthly SS Income (about $2,450) was too high for Medicaid, and they were turned down for this program. When long term care becomes a necessity how will we possibly pay for it? Thx in advance for any info ....

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score 0 · Answer 1

Thank you very much .... would the Shared Income Trust could get them qualified for Medicaid now, before they need LTC?

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score 0 · Answer 2

You go to an eldercare attorney in your parents' state who is knowledgeable about Medicaid. You set up a Miller Trust, sometimes called a Shared Income Trust; the money in the trust reverts to the State after the principals' deaths.

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When long term care becomes a necessity how will we possibly pay for it?

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