Great advice above. If you have assets, there are so many things to to figure out. There are many rules and exceptions to rules....I'd find an attorney who knows what they are talking about and can advise you, based on your particular circumstances, so you don't get any surprises. A lot of people can tell you this or that, but I'd want something more than a third hand story or something that may not be applicable in your state.
Warren - the whole Community Spouse situation for Medicaid is complex. It is not ever a DIY project IMHO. You need a elder law atty & I'd suggest yiu get one that is NAELA or CeLA certified.
For the caregiver spouse, you have so much going on in just caregiving & putting out fires, that you can't do it all. A good atty will know what to do to enable your bride to get Medicaid and maximize your own long term financial situation.
It's things you don't think about that can poses huge problems. Like most couples have each other as beneficiary of their life insurance. But if you should predecease her, that life insurance $ will make her ineligible for Medicaid and just who is going to deal with all this for her? Your gone, so who? The atty will come up with options as to what to do with insurance, etc. Often the policy beneficiary gets changed to a medicaid compliant special needs trust for the NH spouse - which is not a DIY.
For a son or daughter doing their widow or widower parents Medicaid application can IMO be totally done if you've been involved in thier life. It's still a butt rash but do-able. But for a CS you need a pro to guide you as to options & that means elder law atty.
Warren, if you are applying for Institutional Medicaid for your wife (so that she can be cared for in a NH, for example), you, as the Community Spouse are allowed to keep some assets and income.
You need to talk to a certified Eldercare attorney to understand this better.
Warren, are you applying for Medicaid for yourself or for your wife only? Only your wife needs to apply since she is the one who would benefit right now, especially if she needs continuing care at a facility.
You really need to talk to an Elder Law Attorney who would give you advice according to the State you live in.... each State has their own rules, regulations, and programs.
It's good you are thinking ahead and trying out different scenarios. But try to take one step at a time, I know from your previous postings you are really worried, and you have a right to be.
For the caregiver spouse, you have so much going on in just caregiving & putting out fires, that you can't do it all. A good atty will know what to do to enable your bride to get Medicaid and maximize your own long term financial situation.
It's things you don't think about that can poses huge problems. Like most couples have each other as beneficiary of their life insurance. But if you should predecease her, that life insurance $ will make her ineligible for Medicaid and just who is going to deal with all this for her? Your gone, so who? The atty will come up with options as to what to do with insurance, etc. Often the policy beneficiary gets changed to a medicaid compliant special needs trust for the NH spouse - which is not a DIY.
For a son or daughter doing their widow or widower parents Medicaid application can IMO be totally done if you've been involved in thier life. It's still a butt rash but do-able. But for a CS you need a pro to guide you as to options & that means elder law atty.
You need to talk to a certified Eldercare attorney to understand this better.
You really need to talk to an Elder Law Attorney who would give you advice according to the State you live in.... each State has their own rules, regulations, and programs.
It's good you are thinking ahead and trying out different scenarios. But try to take one step at a time, I know from your previous postings you are really worried, and you have a right to be.