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Thanks again for your help. One of the first things we learned in Alz Support group: get financial things in order to protect them and get Elder Atty. Thank goodness we did that.
Couple of items for you to Google and then ask about are:
- CSRA / MMNA community spouse resource allowance or monthly maintenance needs allowance. I think of these as kinda like alimony for the non-NH spouse. Remember than under Medicaid the resident is supposed to do a co-pay or SOC (share of cost) of all their monthly income to the NH less a small personal needs allowance. PNA varies by state from $ 35 - 105 a mo and really just maybe covers beauty salon / barber shop and some toiletries replacement. BUT for CS, you can get some of his income that would otherwise need to be his SOC to instead go to you to enable you to maintain your standard of living. The whole CRSA varies by state and really you need to try to get the max. The atty should be looking into all this for you. Like CRSA / MMNA for TX is right under $ 2,900 a mo (which is higher than most states) and so say hubs got an monthly income of $ 3,100 a mo and then you qualify to get the max CRSA of $ 2,900….then hubs required co-pay or SOC would be only $ 200.00 a month. Comprende?
Now as a CS there is a limit to the assets you can have. For most states its around $ 117K. So again you want to retain the max within this. Now say you all actually have 300K in savings. well you could spend down the 183 difference by private paying for the NH or getting fully prepaid funeral and burial and paying off the mortgage to work the 183K down. But what could possibly be done is for you to get a SPIA (single premium immediate annuity) for you for the whole 183K. If you are a younger and healthier spouse this is totally (imho as a non financial person) a good plan to get funds for your future and work around Medicaid compliance on assets. Personally I hate annuitites as they most often are sold to the elderly who don't understand what they are buying & they have a huge penalty to get out of when they find they flat need the $ to pay for a NH. but for a youngish CS doing a SPIA is likely a winner. Your FA would need to shop around to find them as they have to be Medicaid compliant in structure and that is not easy. But your elder law guy should know about these.
Also if you all are like most couples, you have each other as beneficiary for life insurance. Bad idea once Medicaid is involved cause say you predecease hubs and then all that life insurance $ gets paid to him so he's now over Medicaid assets & income requirements and you are gone so just who is gonna deal with this for him. Often couples name their kids or grandkids as it gets around this issue. Again the atty should know about this and go over these sorts of things with you. It just not simple and loads to deal with.
Bumping this up so someone with some expert knowledge may have an answer for you.
You should also read the website for your State's Medicaid program.