My husband is beginning to need a little more care than I can give. I have been trying to research the financial end of this deal. I am in a position of having just a tad too much income for Medicaid, not enough income to pay a nursing home or assisted living for him. Shall I pay out all our life savings and live on a few bucks myself or is there another way? Any financial advice would be more than welcome.
Thanks, and hang in there everyone! God bless us all, every one
Just to add a couple of concepts and vocabulary.
1. When one spouse needs institutional care, the spouse who remains at home is termed the " Community spouse". Medicaid does not want to impoverish the community spouse. Your home and one vehicle is an "exempt asset"-- not counted by Medicaid.
2. Learn the difference between "assets"--stocks, retirement accounts, real estate and "income"--pensions, SS, rental income.
3. Ignore folks who say things like "Medicaid/Nursing home will take your house". Learn what a Medicaid lien is and how it gets satisfied after the death of both spouses.
4. Ignore folks who advise you on how to "hide your money". Go to a certified eldercare attorney.
5. www.bogleheads.org is a great place for financial advice.
What you are dealing with is NOT a DIY situation, please spend the money for legal assistance.
I highly recommend interviewing multiple attorneys to insure you find the right fit for you.
Best of luck, such a difficult situation.
I love the area you live in, so beautiful but, so cold for this low desert dweller.
Check with your local Agency on Aging, your local Senior center and see if you/he qualify for any services.
Is your husband a Veteran? if so the VA might be able to provide some help or a lot of help depending on where and when he served. Contact your local Veterans Assistance Commission and they can help determine if he qualifies for any services through the VA.
You should also contact an attorney that is well versed in Elder Law.
You might also want to check to see if your husband is eligible for Hospice. Hospice will provide you with supplies and equipment that you need to care for him safely. A Nurse will also come 1 time a week to check on him, a CNA will come a few times a week to bathe him and order supplies. You can also take advantage of the Volunteers that Hospice can provide. They can not do "hands on" care but they can be there if you have to go out. They can also do light housecleaning.