GA, this for your wife, correct? Not about getting a parent to qualify for LTC Medicaid, correct?
if so, I would not, NOT, try DIY the spend down. You are the “community spouse”. And a CS themselves needs $$ $ to be able to continue to staying living in their home and $ to continue to be a part of your own community. Segregating assets is not necessarily 50/50. Only she needs to be impoverished enough in assets (is $2,000 for most states) to be eligible and only her mo income needs to go to a copay to the facility. You do not have to impoverish yourself or have your income going for her. Imho you needs a CELA level of elder law attorney to shepherd her application and the whole process of doing a spend down that works to maximize the financial future for the CS.
All states have a $ amt CS can have as nonexempt assets. Most do $128,000. So say if y’all have 150K in savings, it would be a 20K spend down. ($150 - $128 - $2 = $20). So 20K: paid in full funeral burial preneed $7,500, new glasses / hearing aids $ 4K, new easy wear clothing $2500, dental 6K. 20K spent all for her direct care or needs and spent in a month so she ends her mo within Medicaid limits and her new now solo bank account shows Mrs. GaBucs with a EOM balance of $1,890.00, so she is good for Medicaid financial eligibility incoming month.
Also if you need some of her mo income to keep your household afloat, then the attorney does the paperwork to have you get CSRA or MMNA. They are $ allowances moved from her mo income (like from her SS) over to you. Say you have a mortgage and your own higher RX costs, you kinda r short $650 a mo in income to cover this. Now you could take it from your own sacred asset of $128k. But you can get it from her mo SSA income. The attorney files for $650 CSRA on you. So $650 from her own SSA gets diverted or waved over to you. The NH will not necessarily tell you this and for a lot of reasons…… as it means less copay to them….. it’s more paperwork for them…. it’s giving financial/ legal advice which they should not do, etc.
Really truly if this is abt LTC Medicaid for your wife, do not DIY this. Find an CELA atty and go over a plan. Good luck!
Not about getting a parent to qualify for LTC Medicaid, correct?
if so, I would not, NOT, try DIY the spend down. You are the “community spouse”. And a CS themselves needs $$ $ to be able to continue to staying living in their home and $ to continue to be a part of your own community. Segregating assets is not necessarily 50/50. Only she needs to be impoverished enough in assets (is $2,000 for most states) to be eligible and only her mo income needs to go to a copay to the facility. You do not have to impoverish yourself or have your income going for her. Imho you needs a CELA level of elder law attorney to shepherd her application and the whole process of doing a spend down that works to maximize the financial future for the CS.
All states have a $ amt CS can have as nonexempt assets. Most do $128,000. So say if y’all have 150K in savings, it would be a 20K spend down. ($150 - $128 - $2 = $20). So 20K: paid in full funeral burial preneed $7,500, new glasses / hearing aids $ 4K, new easy wear clothing $2500, dental 6K. 20K spent all for her direct care or needs and spent in a month so she ends her mo within Medicaid limits and her new now solo bank account shows Mrs. GaBucs with a EOM balance of $1,890.00, so she is good for Medicaid financial eligibility incoming month.
Also if you need some of her mo income to keep your household afloat, then the attorney does the paperwork to have you get CSRA or MMNA. They are $ allowances moved from her mo income (like from her SS) over to you. Say you have a mortgage and your own higher RX costs, you kinda r short $650 a mo in income to cover this. Now you could take it from your own sacred asset of $128k. But you can get it from her mo SSA income. The attorney files for $650 CSRA on you. So $650 from her own SSA gets diverted or waved over to you. The NH will not necessarily tell you this and for a lot of reasons…… as it means less copay to them….. it’s more paperwork for them…. it’s giving financial/ legal advice which they should not do, etc.
Really truly if this is abt LTC Medicaid for your wife, do not DIY this. Find an CELA atty and go over a plan. Good luck!