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Originally Posted by ROCKETMAN
I’m sure some of you have these questions or have actually experienced these circumstances. I am talking about Medicare nursing facilities, not private. Private ones run about $9000.00 a month so for me that’s out of the equation. Been to seminars where they tell you you can protect your assets including sale of your house and just your s.security will cover cost. A lawyer quoted me $5000 to do the paperwork. My lawyer who has done my wills in a phone conversation asked me why I would I spend $5000 and have no idea if I would or my spouse would ever go in a nursing home. You can fill out the paper work the day before you would go in or even after you go in. My lawyer does not charge like the ones in fancy offices, has a small office in a tiny strip mall in Eustis. Used to be in summer field but closed that one.
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Talk with an elder care attorney about every detail. Medicaid has a lookback period of 5 years. Any money you give away during the five year period is your responsibility to pay if needed in a nursing home. You are allowed to keep your home, and your car - or it used to be that way. You are allowed living expense money and it used to be $2K a month, I believe. Not sure what it is today.
When I was a caregiver to my father we met with an elder care attorney. She gave us the laws that were in place at that time. She told me to call her every few months to find out if any laws had changed and if we needed to do anything because of the new laws.
Another option that doesn't work for everyone, if you want to stay in your home is to pay someone that you know and trust to take care of you at an hourly rate that is usually minimum wage or a little above minimum wage. If there is a family member you trust, and they are able and willing to take care of you this might be an option. If you go this route the caregiver must keep excellent and detailed records involving the work they do. Most caregivers don't want the added hassle. This isn't for everyone. I had a friend a long time ago that did this for their spouse and it worked for them. The caregiver gets paid for taking care of their loved one at home, cooking, cleaning, dressing, bathing, medication management, travel to doctors, grocery shopping, etc. Since taxes aren't taken out of their income they would have to talk with a CPA ahead of time. An elder care attorney can give you more insight into this option.