No, this is not how it works and I live South of u in NJ.
As Igloo says you need a lawyer WELL versed in Medicaid. Medicaid allows you to split your combined assets. With my GFs parents, they had $60 K in savings and monthly income of SS and a pension. Mrs R was allowed 30k of the savings.* She also received enough of their monthly income to live on. She remained in the home and had a car. You become the community spouse.
Not sure how retirement funds are worked out or anything that is in your name only, like SS and pension. These are questions for a lawyer and I do suggest you see one.
*(Now someone on the forum said that in her case, her split was put in a Trust with the her having access. There may be stipulations on how it can be used and will revert back to Medicaid on your passing)
You need to hear whatever a CELA level of elder law attorney tells you what the laws are and administrative code is for Medicaid in NJ. Each state deals with Medicaid and especially the CS (aka Community Spouse) aspects of LTC Medicaid uniquely.
but overall, it is only the NH spouse that needs to become impoverished to be able to qualify financially for Medicaid, with a max of 2k in assets & abt $2,200 a mo in income. The exact $ amount varies by state p. The CS can have thier own income & assets up to a certain point that do NOT factor into his impoverishment. If you need some of his mo income to cover your living in the community costs, then the atty can document what’s needed for you to file for a waiver to have some of his monthly income go to you instead of being paid to the NH as his required copay. CS / NH stuff is way way more complicated and not ever a DIY imho.
also they have to show to be “at need” both financially and medically for LTC Medicaid. The medical aspect is = as important. If it’s a NH placement then they have to have their health chart to show in detail they need skilled nursing care in a facility.
The nursing home doesn't take anything unless he qualifies for Medicaid. Laws differ from state to state so best to invest in a consult with an estate planner/elder law attorney -- it's money that is well spent. I'm pretty sure nursing homes can't just take money out of your 401k, and Medicaid doesn't leave the spouse destitute. Please inform yourself by talking to an actual professional who knows the laws. Good planning will be very important as you age together.
As Igloo says you need a lawyer WELL versed in Medicaid. Medicaid allows you to split your combined assets. With my GFs parents, they had $60 K in savings and monthly income of SS and a pension. Mrs R was allowed 30k of the savings.* She also received enough of their monthly income to live on. She remained in the home and had a car. You become the community spouse.
Not sure how retirement funds are worked out or anything that is in your name only, like SS and pension. These are questions for a lawyer and I do suggest you see one.
*(Now someone on the forum said that in her case, her split was put in a Trust with the her having access. There may be stipulations on how it can be used and will revert back to Medicaid on your passing)
but overall, it is only the NH spouse that needs to become impoverished to be able to qualify financially for Medicaid, with a max of 2k in assets & abt $2,200 a mo in income. The exact $ amount varies by state p. The CS can have thier own income & assets up to a certain point that do NOT factor into his impoverishment. If you need some of his mo income to cover your living in the community costs, then the atty can document what’s needed for you to file for a waiver to have some of his monthly income go to you instead of being paid to the NH as his required copay. CS / NH stuff is way way more complicated and not ever a DIY imho.
also they have to show to be “at need” both financially and medically for LTC Medicaid. The medical aspect is = as important. If it’s a NH placement then they have to have their health chart to show in detail they need skilled nursing care in a facility.