I have Parkinson's and had to move in w/parents (both are 80+ yrs old and dad has Alzheimer's) after a hospitalization a few yrs ago. My assets have been liquidated (cash) and placed in my savings acct. My income consists of SSDI and LTD. I have enough to fully pay for a nursing home for about 2 yrs.
My understanding so far is that I can use assets to pay for my funeral and final expenses, and when the time comes I should simply get admitted to the nursing home of my choice (that accepts medicaid - unless I want to move if money runs out) and if/when money runs out apply for medicaid through the nursing home. Am I on the right track? What am I missing and/or what should I beware of/avoid? Are there specific questions I need to ask the nursing home before deciding to be admitted?