How you arrive at the $126,420k for LTC in a facility Medicaid can be a bit of a moving target depending on what non-exempt assets look like. it’s not just $ in a checking account but rather all funds from whatever sources - savings, retirement accounts, investments, other property owned.
If your over the $126k, you as the community spouse might be able to have the overage moved into a SPIA that pays you & only you income. Your income does not count for hubs eligibility. Doing something like a SPIA (single premium immediate annuity) is imho not ever a DIY as it has to be compliant for Medicaid rules & be actuarial sound. Its stuff a CELA level of elder law attorney does, it’s not simple. SPIA are speciality underwriting done by a handful of firms & they work with CELA type of attys or some financial advisors. Not just any guy that holds an insurance license.
Also you do need to make sure, that your exempt assets are ok for Medicaid. Your house with a homestead exemption or is primary residence is an exempt asset if under 550k or 750/800k value (depends on your state as each state administrates its Medicaid programs uniquely but within federal guidelines ). Ditto for 1 car & this too has a value max placed by your state. For couples with 2 cars, this poses an issue so a decision has to be made abt what to do regarding the cars situation. And you’ve got to make sure his income is ok for whatever max your states sets for LTC NH. & if you need his income to live in the community, then you have to apply for CSRA or MMNA - think of these like old school type of alimony from his income waived over to you - for you as the CS (community spouse) - & there are ways to maximize the CSRA if your states general rate ain’t cutting it. Stuff like this not a DIY.
personally imo for an individual widow or widower LTC NH Medicaid application, a DPOA can totally do it if they’ve been involved with the elders life & there’s some semblance of organization in the elders life. But NH spouse/ community spouse stuff is complicated. You as the CS are NOT expected to impoverish yourself. Only hubs has to. But how to do that & do correctly not a DIY. Call around & meet with a couple of CELA level attorneys to find one you have a good vibe with.
Since you are married, in your state the asset limit for LTC care Medicaid for a married couple with 1 person applying is $2,000 in assets. You as the spouse can have up to $126, 420.
what age are you? If you are younger than 65 then the State you live in might have Medicaid expansion....then, the answer is they don’t care...only lower income qualifies,
if you are over the age of 65. Then you need to look at total assets (including your house).
it’s not just $ in a checking account but rather all funds from whatever sources - savings, retirement accounts, investments, other property owned.
If your over the $126k, you as the community spouse might be able to have the overage moved into a SPIA that pays you & only you income. Your income does not count for hubs eligibility. Doing something like a SPIA (single premium immediate annuity) is imho not ever a DIY as it has to be compliant for Medicaid rules & be actuarial sound. Its stuff a CELA level of elder law attorney does, it’s not simple. SPIA are speciality underwriting done by a handful of firms & they work with CELA type of attys or some financial advisors. Not just any guy that holds an insurance license.
Also you do need to make sure, that your exempt assets are ok for Medicaid. Your house with a homestead exemption or is primary residence is an exempt asset if under 550k or 750/800k value (depends on your state as each state administrates its Medicaid programs uniquely but within federal guidelines ). Ditto for 1 car & this too has a value max placed by your state. For couples with 2 cars, this poses an issue so a decision has to be made abt what to do regarding the cars situation. And you’ve got to make sure his income is ok for whatever max your states sets for LTC NH. & if you need his income to live in the community, then you have to apply for CSRA or MMNA - think of these like old school type of alimony from his income waived over to you - for you as the CS (community spouse) - & there are ways to maximize the CSRA if your states general rate ain’t cutting it. Stuff like this not a DIY.
personally imo for an individual widow or widower LTC NH Medicaid application, a DPOA can totally do it if they’ve been involved with the elders life & there’s some semblance of organization in the elders life. But NH spouse/ community spouse stuff is complicated. You as the CS are NOT expected to impoverish yourself. Only hubs has to. But how to do that & do correctly not a DIY. Call around & meet with a couple of CELA level attorneys to find one you have a good vibe with.
long term? What does that mean?
what age are you? If you are younger than 65 then the State you live in might have Medicaid expansion....then, the answer is they don’t care...only lower income qualifies,
if you are over the age of 65. Then you need to look at total assets (including your house).