I know I have to set up separate accounts from bank, he has to have a separate bank account then do I leave my name on it. also with my account his name cant be on it is this correct
Char - you are considered the "community spouse" and as such you do not have to impoverish yourself in order for your hubby to be eligible for Medicaid. Only he has to be "at-need" for Medicaid's financial & medical eligibility.
Keep in mind that most of what your hear or read about on Medicaid is about widows or widowers who now need Medicaid, they are limited to very strict & low amounts (about 2K in nonexempt assets & 2K in monthly income). But for a CS, it's a whole different ball game. There are 2 things that will be critical, the CSRA community spouse resource allowance &or the MMNA - monthly maintenance needs allowance & the "snapshot" day. For CSRA / MMNA there seems to be a specific formula as to $X amount of utilities, $X amount for shelter and depends on your state. One of the experts on this site - Ralph Robbins - has really explained how the CS formula works on other posts, so you may want to look back to see what he wrote on this subject.
Now for the "snapshot" day, most states seem to set a fixed day when looking at a community spouse situation Medicaid application. Assets are based on this day (the snapshot day), so what seems to be a really good idea is to BEFORE you submit the application to meet with an elder attorney &/or a elder care financial planner to come up with the best way to deal with your assets and move / change / or spend down in a way that is to your (the community spouses') best advantage and get totally cleared through & changed before the snapshot day. Some things are simple, like Medicaid allows for 1 car only, well most couples have 2 so they give 1 car to their grandkid. Bad idea as that means a Medicaid transfer penalty. Better idea is to trade both cars in & get 1 newer & more dependable car. Another common problem is life insurance policies….most couples have each other as their beneficiary. Which is fine when you are younger, but totally bad if one is on Medicaid. Why?….. because if something were to happen to you and you pass away then hubby gets the insurance $$ and now he is ineligible for Medicaid and just who will be there to sort all this out for him?. Better idea is to change the beneficiary to a trustworthy child or perhaps a special needs trust - it's these sort of things that an experience elder attorney or financial advisor can give you options to do. Really worth the time & $ to do this as you need to keep every penny you are able to as a community spouse as you could be living on your own for decades more. Good luck dear.
Charchar, you add up the cost of house payment, utilities, water, taxes and food and what does that cost a month? If you need $2000 a month, and you only make $500 a month, the rest will come out of his money. Does that help?
But I have to pay house payment and car and electric and food will they concern that I need money to take care of my bills or no money at all So far I cant get anyone to take him please pray for me
Both incomes are considered in determining eligibility. The community spouse is allowed a portion of the combined income to remain in the community. Whether you'll be allocated some of his income to combine with yours, or whether you'll need to give up some of yours for his care will be determined by looking at the entire picture.
Your income and his income are separate. You make a list of bills you have to pay, and you may be allocated a portion of his SS as a "community spouse" if your income is not enough to cover your costs. The minimum spouse allowance in Arkansas is $1939 per month.
Keep in mind that most of what your hear or read about on Medicaid is about widows or widowers who now need Medicaid, they are limited to very strict & low amounts (about 2K in nonexempt assets & 2K in monthly income). But for a CS, it's a whole different ball game. There are 2 things that will be critical, the CSRA community spouse resource allowance &or the MMNA - monthly maintenance needs allowance & the "snapshot" day. For CSRA / MMNA there seems to be a specific formula as to $X amount of utilities, $X amount for shelter and depends on your state. One of the experts on this site - Ralph Robbins - has really explained how the CS formula works on other posts, so you may want to look back to see what he wrote on this subject.
Now for the "snapshot" day, most states seem to set a fixed day when looking at a community spouse situation Medicaid application. Assets are based on this day (the snapshot day), so what seems to be a really good idea is to BEFORE you submit the application to meet with an elder attorney &/or a elder care financial planner to come up with the best way to deal with your assets and move / change / or spend down in a way that is to your (the community spouses') best advantage and get totally cleared through & changed before the snapshot day. Some things are simple, like Medicaid allows for 1 car only, well most couples have 2 so they give 1 car to their grandkid. Bad idea as that means a Medicaid transfer penalty. Better idea is to trade both cars in & get 1 newer & more dependable car. Another common problem is life insurance policies….most couples have each other as their beneficiary. Which is fine when you are younger, but totally bad if one is on Medicaid. Why?….. because if something were to happen to you and you pass away then hubby gets the insurance $$ and now he is ineligible for Medicaid and just who will be there to sort all this out for him?. Better idea is to change the beneficiary to a trustworthy child or perhaps a special needs trust - it's these sort of things that an experience elder attorney or financial advisor can give you options to do. Really worth the time & $ to do this as you need to keep every penny you are able to as a community spouse as you could be living on your own for decades more. Good luck dear.