So it seems mom and dad are already on “community” Medicaid. They are receiving help to pay for caregivers to come into their home? Is that what you are saying? Are they paying other caregivers from their savings or are needing their savings to manage living at home with no money going to caregivers from their savings?
Regardless before they run out of savings and since there are two of them, you might want to look into a certified elder attorney to guide you on next steps. Selling the home may or may not be the best option. Since mom appears to be the one needing the assistance, when she is medically and financially qualified to go into a NH, then dad will still need a place to live. The Medicaid rules for couples allows a portion of moms income to go to dad in order for him to continue living at home. The savings they have left now will be split and dad can retain his portion for his care. The house would be exempt but the upkeep would still be on dad. Perhaps the home is a big drain on their finances and dad would be better served in an IL facility? The thing is you need to understand before just selling the home what the best options are given each of their unique financial situations and their unique medical situations and the state laws where they live that govern Medicaid. Dad may be no where near needing facility care and could manage very well several years at home. It is a complicated situation for a couple with some, but limited savings and income. To me your question is prudent. Don’t wait until they have NO options.
If a person has to go into a care facility, they take all of a person's income and if it's not enough to cover the bill (and it's usually not) then the person goes on Medicaid.
In some states like Connecticut, elderly people can get on Medicaid and still own a home. Their caregivers also get paid by Medicaid. At the time of their death the state attempts to recap money paid out through Medicaid for caregiving services. This means they can stay in their homes, but that they get sold after their deaths to pay back what the state Medicaid program pais out. Family caregivers can also get paid when the person is on Medicaid in CT. Same rules apply. The state recaps what they pay out after the elder passes away and their estates get probated.
How do we pay for anything in life? Food, gas, taxes, entertainment, bills, medication? We sell assets off in order to do so if our monthly income doesn't cover the costs of daily living. If that means selling off the house and downsizing, so be it. Or they use the SS and pension funds along with the 'reimbursement from the department of aging' to pay for caregivers.
The funds to pay are either there or they are not. The home, of course, can be sold, but how long the funds of sale for the home would get them care in an apartment, independent living with care, or ALF is dependent on the price of the home. One million will go a little way. Less will go less far. Once all funds are depleted the elder can apply for medicaid. The things supplied by medicaid is individual state to state and some states, Michigan might be one, would supply some inhome help. But not 24/7 coverage. This is something to explore in your own locality and not easy; I would wish you luck.
Living in SF I am used to our average home going for a million five. But that isn't the case in most parts of our country. 100,000 profit from a sale won't go far, especially if rental or assisted living is in question. Home is an exempt asset for the elders in medicaid. I think our OP is looking at placement with medicaid, but that's a guess.
Are they paying other caregivers from their savings or are needing their savings to manage living at home with no money going to caregivers from their savings?
Regardless before they run out of savings and since there are two of them, you might want to look into a certified elder attorney to guide you on next steps.
Selling the home may or may not be the best option. Since mom appears to be the one needing the assistance, when she is medically and financially qualified to go into a NH, then dad will still need a place to live. The Medicaid rules for couples allows a portion of moms income to go to dad in order for him to continue living at home. The savings they have left now will be split and dad can retain his portion for his care. The house would be exempt but the upkeep would still be on dad. Perhaps the home is a big drain on their finances and dad would be better served in an IL facility? The thing is you need to understand before just selling the home what the best options are given each of their unique financial situations and their unique medical situations and the state laws where they live that govern Medicaid.
Dad may be no where near needing facility care and could manage very well several years at home. It is a complicated situation for a couple with some, but limited savings and income.
To me your question is prudent. Don’t wait until they have NO options.
Family caregivers can also get paid when the person is on Medicaid in CT. Same rules apply. The state recaps what they pay out after the elder passes away and their estates get probated.
To me, this question makes little sense.
Once all funds are depleted the elder can apply for medicaid. The things supplied by medicaid is individual state to state and some states, Michigan might be one, would supply some inhome help. But not 24/7 coverage.
This is something to explore in your own locality and not easy; I would wish you luck.