we have enough money to take care of ourselves and add new necessities like a stair chairlift , an electric scooter, and a scooter lift for our van. But if he needs a NH or full time home care, we could deplete our resources. My income from SS and pension is about $1300/mo. Is there any way to protect my IRA or money inherited from my dad from spending these funds on my husband’s care?
"Yes, you need to talk to an elder lawyer about splitting your assets. Your spouses split will go to his care. When its almost gone (3 months before) you apply for Medicaid. One DH is on Medicaid, you become the Community Spouse, remaining in the home, get one car, enough or all of your monthly income to live on. I just gave you the basics but an Elder Lawyer can explain more fully. It must be an EL because they know Medicaid."
There are ways to protect your money. Its been mentioned there is a form where you refuse to use ur money for husbands care. Like lets say your pension or 401k? My GF was not entitled to her husbands pension it went towards his care. She got his SS though. I really have no idea how it works, but good question for an Elder Lawyer.
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Your IRA is not to be used for his care and does not enter into the equation for financing his care.
Check with an elder finance professional and attorney. You aren't investing. You are protecting your wealth and how to get him to qualify for assistance, if at all possible.
There will be many who assume that you will be able to but it is not a guarantee. With my mother, she received over the cash allowance to qualify and it was all self-pay. She never went into a nursing home which is fine but she would never have been able to pay for it nor be covered by medicaid. Yes, there are people who fall in the cracks. But, she was loved and well cared for without affecting my financial well being.
So, she paid for the aids to come to my house and then she went onto hospice which is paid for by medicare.