You go to am Elder Law attorney in your state who can advise you about local Medicaid regs.
In most places, when one spouse needs Nursing Home level care, their assets are split and the institutionalized spouse spends down their part of the assets private paying for care.
The spouse who remains at home, termed the Community Spouse, does not need to become impoverished.
With an elder law attorney advising how to protect what assets for the well spouse that CAN be protected you proceed. However, do understand that your assets stand to pay for your care, not the taxpayer.
After your assets are gone, is the time for Medicaid. You WILL need an attorney to protect what assets are allowed the well spouse for her own future care.
Attend with a full set of assets and get options from an attorney. While a Forum may be well meaning, this isn't something you can afford to do wrong.
Didn't your husband acquire "financial means" precisely so he could be well cared for in his old age rather than placed in a Medicaid facility with a roommate, separated by a curtain, who's blasting his tv set 24/7? Memory Care Assisted Living is a much better, more comfortable, environment for a man of means! You may want your life, yes, but I'm sure he wants what's left of his life to be the best it can be too!
We have an adult child with a chronic illness. We are both hoping to leave a considerable part of our estate to her, to cover her living and medical expenses. I have cared for my stroke victim husband for 3 years. We live in a rural area where it is extremely difficult to find caregiver help. I have someone who comes in one day a week. I have back issues, and would like to find an in home, full time caregiver. As for wanting my life, I'm sure many spousal caregivers would agree with me, I'm tired. Don't judge me.
You need to see an Elder Lawyer and have your assets split. Your husbands split goes towards his care and when almost gone you apply for Medicaid. Once he is on Medicaid you remain in the home, have a car and get enough of your monthly income to live on. I am just giving you basics an Elder Lawyer will get into more.
Want - you say you also have a daughter who needs help due to a chronic illness. I think your situation requires what's called a Trust & Estates attorney, and not an elder law attorney. A T&E attorney will look at your situation and advise you on what vehicles allow for assets to be protected for you, your daughter, and your husband.
Want, I want to emphasize what some are saying here--you really need to see a Trusts and Estates attorney who also understands Medicaid regs in your state
You want to set up a "special needs trust" for your child so that an inheritance doesn't disqualify them from government aid.
This is NOT a DIY situation. Seek the best legal counsel you can find.
In your state of residence (CO) Medicaid only covers LTC, which means the person is basically bedbound or so profoundly ill that they need 24/7 care.
Needing LTC is an assessment usually made by a physician. This is one of 2 things an applicant needs to qualify for. The other is financial need. Then there is a 5-year "look-back" period for the financial application.
I would discuss this with an elder law attorney, or estate planner or Medicaid Planner for your state.
If you're of "financial means" why are you trying to get your spouse on Medicaid?
Medicaid is for people who aren't of "financial means". Why not get Long Term Care insurance for your spouse? This way you can place him in residential care if you need to.
If you need to place your husband, the nursing home will take half of his income while you cash-pay. Even if he does not qualify for Medicaid for a long time or ever, they can only ever take half.
If you are looking for a way to preserve assets and get the state to pay for him through Medicaid, he will have to get any assets he has taken out of his name, then be kept out of a facility for five years for the Medicaid look-back period.
Long Term Care insurance gets more and more expensive with age. OP's husband is 82, has had a stroke, and has dementia. I doubt anyone would sell him LTC insurance for less than what it would cost to put him in a luxury nursing home.
In most places, when one spouse needs Nursing Home level care, their assets are split and the institutionalized spouse spends down their part of the assets private paying for care.
The spouse who remains at home, termed the Community Spouse, does not need to become impoverished.
However, do understand that your assets stand to pay for your care, not the taxpayer.
After your assets are gone, is the time for Medicaid.
You WILL need an attorney to protect what assets are allowed the well spouse for her own future care.
Attend with a full set of assets and get options from an attorney. While a Forum may be well meaning, this isn't something you can afford to do wrong.
We have an adult child with a chronic illness. We are both hoping to leave a considerable part of our estate to her, to cover her living and medical expenses. I have cared for my stroke victim husband for 3 years. We live in a rural area where it is extremely difficult to find caregiver help. I have someone who comes in one day a week. I have back issues, and would like to find an in home, full time caregiver. As for wanting my life, I'm sure many spousal caregivers would agree with me, I'm tired. Don't judge me.
You want to set up a "special needs trust" for your child so that an inheritance doesn't disqualify them from government aid.
This is NOT a DIY situation. Seek the best legal counsel you can find.
Needing LTC is an assessment usually made by a physician. This is one of 2 things an applicant needs to qualify for. The other is financial need. Then there is a 5-year "look-back" period for the financial application.
I would discuss this with an elder law attorney, or estate planner or Medicaid Planner for your state.
Medicaid is for people who aren't of "financial means". Why not get Long Term Care insurance for your spouse? This way you can place him in residential care if you need to.
If you need to place your husband, the nursing home will take half of his income while you cash-pay. Even if he does not qualify for Medicaid for a long time or ever, they can only ever take half.
If you are looking for a way to preserve assets and get the state to pay for him through Medicaid, he will have to get any assets he has taken out of his name, then be kept out of a facility for five years for the Medicaid look-back period.