With limited funds, do we choose home care or a care facility? - AgingCare.com

With limited funds, do we choose home care or a care facility?

Follow
Share

I am in an echo chamber over an issue I hope someone can help. My husband has limited funds and a 3-yr long term care insurance policy. He is currently in an assisted living that is costing him $9000/mon. At this rate, he will burn thru his long term care insurance (which only pays 60% of the AL monthly fee) and his savings in less than five years - the magical number to be qualified for Medicaid. An 8-hr night home care and adult day care program with medication management (while I am at work) turns out to be a better option because it will cost around $1500 less each month. This saving would allow him to stretch out his funds longer and he gets to live at home longer while he is still aware what is going on. He'd have a dignified quality of life until he is no longer aware what is going on. When the funds run out, he will have passed the 5-yr look back and qualify for Medicaid. So, two scenarios: 1. If he stays at the facility, he will use up his funds in less than 5 yrs and then must return home. He'd be too early to qualify for Medicaid. By that time, he would have to reacclimate to a new setting with a worsen condition. As I mentioned above, he is still aware what is going on and hates where he lives. 2. If he returns home now, he can enjoy living in his own home until he is qualified for Medicaid. By that time, his condition will probably deteriorate beyond his ability to recognize his surrounding and enjoy life at home. In either case, he will have to be at home at some point before Medicaid kicks in. No matter how I play with the figure, he just does not have the funds to last him at the facility beyond 5 yrs. Wouldn't it be better to bring him home now (with adult day care and night help) so that he can live in a dignified manner when he is still aware if what real life is??

This question has been closed for answers. Ask a New Question.
21

Answers

Show:
1 3
Bummer. Will chk with my attorney.
Helpful Answer (0)
Report

But that only applies in the 3 states mentioned. Fl, N.Y. and CT
Helpful Answer (0)
Report

Wow. Good to know.
Helpful Answer (0)
Report

Spouse can refuse to use their funds to pay for NH care
Helpful Answer (0)
Report

What is spousal refusal?
Helpful Answer (0)
Report

In most states, the "community spouse" can keep half of the "countable assets" up to $120,000. Three states do allow for "spousal refusal" (NY, CT, and FL).
Helpful Answer (1)
Report

Worried Spouse, there are also provisions in Medicaid law to prevent the impoverishment of the "community spouse", the one Not in a facility.

Again, an eldercare attorney can help with this.
Helpful Answer (1)
Report

Thank you, LTCShop, for the heads up.
Helpful Answer (0)
Report

Medicaid does NOT look at a married couple's assets as being "separate". Even if you have a prenuptial agreement, Medicaid does not look at your assets as being "separate". You may have to spend most of "your" assets/savings on his care before he can receive Medicaid.

A long-term care "Partnership policy" is a special type of long-term care insurance that allows assets to be protected from Medicaid even after the long-term care insurance runs out of benefits.
Helpful Answer (1)
Report

Thank you, LTCShop.

1. Will check to see if his policy is "Partnership Policy." What does it mean anyway?

2. Yes. Our finances are separate. He has no possessions. Just his savings and LTC policy.
Helpful Answer (0)
Report

1 3
This question has been closed for answers. Ask a New Question.
Related
Questions