‘If my father-in-law has to go into a nursing home and his assets are surrendered for his care, his wife has no income.’
Dear Quentin, My father-in-law has health issues. While he is not quite ready for a nursing home, that may be a necessity in the near future. He has state retirement benefits and a very small Social Security check.
The majority of their assets are in cash. They have a couple hundred thousand dollars at best, held in joint accounts. They still have Colorado driver’s licenses, but receive mail at our house in South Dakota. “Medicare does not cover long term care costs such as a nursing home,” Larry Pon, a financial planner based in Redwood City, Calif., tells MarketWatch. “However, if your assets and income are low enough, he may be able to take advantage of Medicaid.”
“To be eligible for Medicaid, one cannot have assets greater than the limit,” it adds. “Medicaid’s look-back period is meant to prevent Medicaid applicants from giving away assets or selling them under fair market value to meet Medicaid’s asset limit.” Given the amount of money involved and the fact that they have already sold their home — a move I would not have recommended — I would strongly suggest your parents-in-law consult a financial planner and/or elder-care attorney to establish what options best suit your parents-in-law.
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