my father has lived with us for 15 years, he has sever dementia. I have P.O.A. I want to make sure all his assets are secure without the facility taking every penny. I need answers.
You "want to make sure all his assets are secure without the facility taking every penny." The facility won't "take" the money. They provide care, security, activities, food, shelter and take the weight of the world off your shoulders. In return, they are paid. What are you saving the money for? Yourself? The money is your fathers and should be used for his care.
For NH you basically have 3 paths for payment: LTC insurance, Medicaid or private pay. He won't qualify to get LTC insurance. Private pay is whatever the facility has set and you will have to sign off on a contract as to your being financially responsible for his care. They won't ask to see bank statements as you have a legally binding contract. Then there's Medicaid.
Depending on the state, about 50% - 70% of residents stays are being paid for Medicaid. Medicaid is totally a "needs based" entitlement. They will need to do two things: show the "need" for skilled nursing care; and show the "need for financial assistance to pay for skilled nursing care, that means basically impoverished with about 2K in assets and whatever amount your state has set for monthly income. Like for TX when I applied for my mom, the income max was $ 2,064.00. Google your states NH Medicaid program for details as each state administers their Medicaid program uniquely.
Since Medicaid is a needs based program, your dad will HAVE to provide anywhere from 3 to 5 years of financial information. Within that period, IF any of his funds have been used for things other than his care and needs, there will be a transfer penalty imposed on his eligibility for Medicaid payment to NH. If you are paying yourself for having dad in your home, you better have a personal services contract in place and have been paying taxes on that income, otherwise you will have issues with his Medicaid application.
Dad has $, you as his POA can go and pay from his account for an elder law attorney to see what if any options may be available to him. If he is at the point of being on the brink of needing a facility, you will be very limited in what you can do with his funds that are within Medicaid's acceptance.
Get out there and look at several facilities to see the costs and which take Medicaid and if there is waiting list for Medicaid beds. Often the nicer facilities have a very limited # of Medicaid beds and the waiting list is based on private pay residents who have been there 1 - 2 or more years paying full tilt. Nobody from off the street ever gets to the top of the waiting list.
Really if he needs a NH soon, you have extremely limited choices as to his $.
Also for NH Medicaid, if the NH takes residents as "Medicaid Pending", they can require that you provide to them the documents required by Medicaid so they (the NH) can review to determine IF they will accept your elder Medicaid Pending. then in turn the NH sends the documents along with their bill to the state.
Admissions knows how to do a quick look though to see if there are any glaring issues. LIke if dad who lives with you & gets SS, had 50K 3 years ago and now only 1K ……there is going to be an issue. Like for my mom. she was in IL before NH, so there was a consistent pattern of her spend-down that totally made sense for where her $ went that was acceptable.. NH does a vetting - not as detailed as what Medicaid does but still does one - as they don't want issues with them not qualifying and then billing & payment problems.
My mother's nursing home never asked to see her bank statement! Why do they want to see his? Have they told you why they want this information?
His money needs to be spent on his care and being in the nursing home very likely means that all of his assets will be spent and will need to apply for medicaid at some point. When and if that takes place medicaid will do a five year check back on his bank statements.
Depending on the state, about 50% - 70% of residents stays are being paid for Medicaid. Medicaid is totally a "needs based" entitlement. They will need to do two things: show the "need" for skilled nursing care; and show the "need for financial assistance to pay for skilled nursing care, that means basically impoverished with about 2K in assets and whatever amount your state has set for monthly income. Like for TX when I applied for my mom, the income max was $ 2,064.00. Google your states NH Medicaid program for details as each state administers their Medicaid program uniquely.
Since Medicaid is a needs based program, your dad will HAVE to provide anywhere from 3 to 5 years of financial information. Within that period, IF any of his funds have been used for things other than his care and needs, there will be a transfer penalty imposed on his eligibility for Medicaid payment to NH. If you are paying yourself for having dad in your home, you better have a personal services contract in place and have been paying taxes on that income, otherwise you will have issues with his Medicaid application.
Dad has $, you as his POA can go and pay from his account for an elder law attorney to see what if any options may be available to him. If he is at the point of being on the brink of needing a facility, you will be very limited in what you can do with his funds that are within Medicaid's acceptance.
Get out there and look at several facilities to see the costs and which take Medicaid and if there is waiting list for Medicaid beds. Often the nicer facilities have a very limited # of Medicaid beds and the waiting list is based on private pay residents who have been there 1 - 2 or more years paying full tilt. Nobody from off the street ever gets to the top of the waiting list.
Really if he needs a NH soon, you have extremely limited choices as to his $.
Admissions knows how to do a quick look though to see if there are any glaring issues. LIke if dad who lives with you & gets SS, had 50K 3 years ago and now only 1K ……there is going to be an issue. Like for my mom. she was in IL before NH, so there was a consistent pattern of her spend-down that totally made sense for where her $ went that was acceptable.. NH does a vetting - not as detailed as what Medicaid does but still does one - as they don't want issues with them not qualifying and then billing & payment problems.
His money needs to be spent on his care and being in the nursing home very likely means that all of his assets will be spent and will need to apply for medicaid at some point. When and if that takes place medicaid will do a five year check back on his bank statements.