She has some assets, but not enough to continue paying for the nursing home on her own. What do we do with her assets, so she will qualify for Medicaid when the two years that are paid by long term insurance are up? She has a house and some money in the bank, but it costs $160 a day in the nursing home. We don't understand how Medicaid works and if they take all her assets which she worked hard for and would like to leave to her children. Any help would be appreciated, especially from personal experience. We are planning to see an attorney who specializes in elder issues.
2006-09-03 08:04:04 · 5 answers · asked by J from T 1 in Business & Finance ➔ Insurance
The state we live in is Texas. For the person who said our tax dollars will go to pay her bill. She also paid taxes and so did my dad as we all do. He did not utilize Medicaid and if we don't that should be our share. We do not want to get our hands on her money. We want to do the right thing for her and what she wants.
2006-09-03 14:06:10 · update #1
My mother has first stage Alzheimers Disease, so needs to be in a facility where she can be taken care of 24 hours a day.
2006-09-03 14:16:30 · update #2
One more question. When all her assets are gone and she has to apply for Medicaid, will she be able to stay in the nursing home where she is now. It specializes in different stages of Alzheimers Disease or will she have to move to a government faciltiy?
2006-09-06 09:01:13 · update #3
It seriously depends on the state in which you are living in. Medicaid laws very from state to state. Hopefully, your Grandma has a trust and will in place. Things to have ready for the attorney. Life Insurance Policy info, Trust/Will info, Hopefully, your grandma has most of her liquid money in an annuity at the bank. Lookback periods vary from state to state meaning, even if she was to give everything to the kids now, the government will see that she did that and get it back to pay for her medical bills. If she lives in florida, Her Home and Primary vehicle do not count as assets. Florida has a 5 year lookback period. Review the Long term Care policy as well...Just because it says two years...it doesn't always mean it stops after two years...if she has a $200 per day policy and it's only costing $160 per day..it will last longer than two years...review the policy with the company that sold it to her. You can also ask the agent that sold it to her, what the laws are concerning medicaid...he/she will know as well.
Just checking back in. Sorry to hear about the condition your mom is in...Once the state drains all her assets it will make sure that your mom is in an institution if that is the wish of the family and it will be paid by medicaid. The worst part about that is, those places are staffed by like, 1 nurse to every 20 patients and they are cared for in order of need. If someone is having a worse problem then another..that 2nd person will just have to wait. It's not a good scenario at all, but it's the best the gov will offer. That's why it's very important as you now see to make sure you are ready to retire. Did you check and see what the benefits were for her current LTC policy? Like I said..it could last longer than 2 years. Don't forget to contact her agent! Also some contracts allow you a Gaurentee that you can increase your benefits every three years without providing proof of insurability. Check into it!!
And don't listen to the nut under me...I understand what you are saying...you just didn't know if that's what actually happened in a medicaid situation..not that you wanted to screw over your fellow man.
Checking back in again...
If the Nursing home she is staying in accepts medicaid..she will probably stay there...If not..she will be given the first bed available in the state..which could be anywhere..she or the family have very little say so once she is on medicaid.
2006-09-03 08:31:41 · answer #1 · answered by cleazott 3 · 0⤊ 0⤋
There is now a 5 year look back rule for Medicaid. That is, when you apply for Medicaid, those officials ask for financial records for the past 5 years. When her 2 year LTC policy runs out, her own financial resources (the money in the bank) will have to pay for her care until that money runs out. Then she will qualify for Medicaid.
Best bet at this point is to talk to an attorney. In all likelihood she will not leave any money to her children.
When this is settled, go see an insurance agent to get LTC policies for yourself. It is never any cheaper than it is right now and you are not any younger or more healthy than you are right now.
Good Luck
2006-09-04 02:49:38 · answer #2 · answered by insuranceguytx 5 · 0⤊ 0⤋
It's not MediCAID, it's MediCARE, and there's a huge difference. Once your mom hit 65, she automatically qualified, and that may or may not pay for her nursing home, but it will definitely help. There is also Social Security.
I used to work for a Medicaid/Medicare HMO and they have very good information that you could at least call and talk to someone who is a professional. If they are not already listed in your state, they will be soon so it won't be a waste of your time.
I won't list them here, but I will contact you personally through your email address with a link.
Good luck!
2006-09-08 11:22:37 · answer #3 · answered by Rebecca 7 · 0⤊ 1⤋
Well, seeing the attorney is the best thing, but the bottom line is . . .all of our tax dollars are going to pay her bill, so don't you think it's fair that she should pay her bill first, and THEH when her money runs out, we can give her public charity (aka, Medicaid)??
Isn't this what she worked and saved for her whole life? If you kids want your hands on her money that badly, you should bring her into YOUR HOMES and care for her, so you don't have to PAY $160 a day to have complete strangers take care of her.
2006-09-03 09:24:51 · answer #4 · answered by Anonymous 7 · 1⤊ 2⤋
You can find help online
2006-09-06 07:12:26 · answer #5 · answered by Anonymous · 0⤊ 0⤋