Re: Legal Question re: Medicaid
The rules vary in different states. Mom lives in NY and there the rule was, pay for the NH out of your own money until you have only $2,100 left. After that the NH takes your whole social security check minus a small pocket allowance for haircuts etc.
Mom's bank accounts were scrutinized going back 5 years. There would not have been a way to cash in CDs and hide that money. But maybe an Elderlawyer can give you some ideas. One thing our lawyer suggested was that we use Mom's money to pre pay her funeral. So we planned a very elaborate funeral costing $11,000 and that was allowed to be paid out of her own assetts. The lawyer's fee also came out of her assetts. She had little money to start with (never owned a home) and it took only 3 months at the Nursing Home to spend down the rest of her life's savings. I am happy that she is getting the same loving care now, as a Medicaid patient, as she did paying 10,000 a month for the first 3 months of this year.
In your Dad's case, since he is quite well off, it may be easier to use his own money for his care and never apply for Medicaid. Then he can give away some of it to the family, without that money ever being taken back. Most people in the late stages of Dementia, the time you really need nursing home care , do not live much over a year.
I suggest you consult a lawyer specialising in the problems of the elderly.
Last edited by Martha H; 10-31-2006 at 05:40 AM.