Explain hiding assets from medicaid

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:He has to make an appointment with a lawyer specializing in eldercare finances. Because of the look back period, it has to be done sooner rather than later.

And then, if it turns out he doesn't want to, or cannot, be in a Medicaid facility, the money will still be there to pay for alternative care.

So I'm not sure why you're balking, OP. Usually the elderly are a lot less accommodating and refuse to let go of their assets.

Any person who watches an elder person put their assets in trust so they can go into a Medicaid place and pass the money on to you, you are not a good person. Sincerely. This is F-ed up.

Maybe the elderly person wants it that way, but I agree medicaid facilities are terrible. However, you could also protect the assets and use medicaid for extensive home aid in the now protected home. Best of both worlds.

Medicaid does not pay for home health aids...or assisted living.

It depends on the state. Please research.

[Anonymous]

the couple’s assets can be fully drained

They don't have to be. 50% spent on 1 member of the couple is all that's expected.

[Anonymous]

Anonymous wrote:

the couple’s assets can be fully drained

They don't have to be. 50% spent on 1 member of the couple is all that's expected.

Well, it depends how much your assets are.

The "community spouse" may keep 50% of all assets up to $100,000. So yeah, if your assets are $200,000 the "community spouse" may keep half or $100,000.

If your assets are $900,000, the well spouse gets to keep $100,000 for his/her retirement, and $800,000 needs to be spent down on approved things (like a few years in a nursing home) before the ill/disabled spouse will qualify for Medicaid.

[Anonymous]

OP, any money set in a trust can still be spent on your father's care. It just can't be under his control any longer. Whoever is in charge of the trust can use it to pay for extras, above what Medicaid will pay for.

[Anonymous]

Here's info for maryland.

Money Follow the Person

https://health.maryland.gov/mmcp/longtermcare/Pages/Maryland-Money-Follows-the-Person.aspx

If your parent is ever so sick that he needs to live in a nursing home for at least one day, and qualifies for Medicaid, he can use Medicaid to pay for him to be able to live at home

There's also HCBS Waivers

https://health.maryland.gov/mmcp/waiverprograms/pages/home.aspx

[Anonymous]

Assets for spouses in Maryland

https://aging.maryland.gov/Documents/Medicaid%20Q+A.pdf

All resources owned by either spouse are added together to determine eligibility. It does not matter which spouse owns the resources. This includes resources owned jointly with someone else unless you can prove the other person actually owns the resources. (For example, joint bank accounts owned with relatives are counted in full.) The couple’s total resources as of the date you go into a nursing home (called the “snapshot date”) are added up. The spouse at home is allowed to keep the larger of these two amounts:

a.) Up to $23,844 of the couple’s combined, non-exempt resources; or,

b.) One-half of the couple’s nonexempt resources, up to a maximum of
$119,220

The spouse also can keep the house, generally. It doesn't have to sold, but ALL retirement savings need to be spent, except for $119,220.

[Anonymous]

Anonymous wrote:My dad keeps saying that we need to put assets in a trust so that when it is time, he is able to qualify for medicaid. What I can't figure out is why someone would want to. If you can afford not to have to go into a medicaid facility and you've saved for a better place, why would you not want to do that? I'm obviously missing a connection somewhere and I can't get him to explain it to me in a way I understand.

I would ask him what his plans are. He may have seen friends or relatives go through the process, especially if anyone has been dealing with alzheimer/dementia. Many years in a nursing home will indeed wipe out someone's life savings.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My dad keeps saying that we need to put assets in a trust so that when it is time, he is able to qualify for medicaid. What I can't figure out is why someone would want to. If you can afford not to have to go into a medicaid facility and you've saved for a better place, why would you not want to do that? I'm obviously missing a connection somewhere and I can't get him to explain it to me in a way I understand.

I would ask him what his plans are. He may have seen friends or relatives go through the process, especially if anyone has been dealing with alzheimer/dementia. Many years in a nursing home will indeed wipe out someone's life savings.

OP here—- yes I understand that. But what else is it for if not to pay for end of life care? Why would he want to live in a Medicare facility if he doesn’t have to? My mom has already passed so he doesn’t need the money for her.

[Anonymous]

Anonymous wrote:Maybe he doesn't want to bankrupt your future inheritance to pay for end of life care?

Too bad. The government should be on the hook for care so someone can get an inheritance.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My dad keeps saying that we need to put assets in a trust so that when it is time, he is able to qualify for medicaid. What I can't figure out is why someone would want to. If you can afford not to have to go into a medicaid facility and you've saved for a better place, why would you not want to do that? I'm obviously missing a connection somewhere and I can't get him to explain it to me in a way I understand.

I would ask him what his plans are. He may have seen friends or relatives go through the process, especially if anyone has been dealing with alzheimer/dementia. Many years in a nursing home will indeed wipe out someone's life savings.

OP here—- yes I understand that. But what else is it for if not to pay for end of life care? Why would he want to live in a Medicare facility if he doesn’t have to? My mom has already passed so he doesn’t need the money for her.

How much does he have? My sisters MIL has lived from 80 to almost 90 in assisted living, just in the last four years has she started needed daily, then round the clock aides. Four years at that rate of spend has completed wiped out her assets. Medicaid will now cover a nursing home now but now she can’t pay for her own aides. There is no one to one care at any nursing home, even a great one. If she had put her $800,000 assets into a trust, Medicaid would have covered the nursing home years earlier and they’d still have the money to hire aides for her.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Maybe he doesn't want to bankrupt your future inheritance to pay for end of life care?

Too bad. The government should not be on the hook for care so someone can get an inheritance.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My dad keeps saying that we need to put assets in a trust so that when it is time, he is able to qualify for medicaid. What I can't figure out is why someone would want to. If you can afford not to have to go into a medicaid facility and you've saved for a better place, why would you not want to do that? I'm obviously missing a connection somewhere and I can't get him to explain it to me in a way I understand.

I would ask him what his plans are. He may have seen friends or relatives go through the process, especially if anyone has been dealing with alzheimer/dementia. Many years in a nursing home will indeed wipe out someone's life savings.

OP here—- yes I understand that. But what else is it for if not to pay for end of life care? Why would he want to live in a Medicare facility if he doesn’t have to? My mom has already passed so he doesn’t need the money for her.

How much does he have? My sisters MIL has lived from 80 to almost 90 in assisted living, just in the last four years has she started needed daily, then round the clock aides. Four years at that rate of spend has completed wiped out her assets. Medicaid will now cover a nursing home now but now she can’t pay for her own aides. There is no one to one care at any nursing home, even a great one. If she had put her $800,000 assets into a trust, Medicaid would have covered the nursing home years earlier and they’d still have the money to hire aides for her.

He has about 2M that I know of. Your point about the ability to hire aides makes sense. But if you’re in a Medicare bed, doesn’t it look odd that you have 1:1 care?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My dad keeps saying that we need to put assets in a trust so that when it is time, he is able to qualify for medicaid. What I can't figure out is why someone would want to. If you can afford not to have to go into a medicaid facility and you've saved for a better place, why would you not want to do that? I'm obviously missing a connection somewhere and I can't get him to explain it to me in a way I understand.

I would ask him what his plans are. He may have seen friends or relatives go through the process, especially if anyone has been dealing with alzheimer/dementia. Many years in a nursing home will indeed wipe out someone's life savings.

OP here—- yes I understand that. But what else is it for if not to pay for end of life care? Why would he want to live in a Medicare facility if he doesn’t have to? My mom has already passed so he doesn’t need the money for her.

How much does he have? My sisters MIL has lived from 80 to almost 90 in assisted living, just in the last four years has she started needed daily, then round the clock aides. Four years at that rate of spend has completed wiped out her assets. Medicaid will now cover a nursing home now but now she can’t pay for her own aides. There is no one to one care at any nursing home, even a great one. If she had put her $800,000 assets into a trust, Medicaid would have covered the nursing home years earlier and they’d still have the money to hire aides for her.

He has about 2M that I know of. Your point about the ability to hire aides makes sense. But if you’re in a Medicare bed, doesn’t it look odd that you have 1:1 care?

Medicaid, not Medicare. No it isn't odd! Anyone could be paying for your aides or your nice mattress ... the family has to cover all the extras.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My dad keeps saying that we need to put assets in a trust so that when it is time, he is able to qualify for medicaid. What I can't figure out is why someone would want to. If you can afford not to have to go into a medicaid facility and you've saved for a better place, why would you not want to do that? I'm obviously missing a connection somewhere and I can't get him to explain it to me in a way I understand.

I would ask him what his plans are. He may have seen friends or relatives go through the process, especially if anyone has been dealing with alzheimer/dementia. Many years in a nursing home will indeed wipe out someone's life savings.

OP here—- yes I understand that. But what else is it for if not to pay for end of life care? Why would he want to live in a Medicare facility if he doesn’t have to? My mom has already passed so he doesn’t need the money for her.

How much does he have? My sisters MIL has lived from 80 to almost 90 in assisted living, just in the last four years has she started needed daily, then round the clock aides. Four years at that rate of spend has completed wiped out her assets. Medicaid will now cover a nursing home now but now she can’t pay for her own aides. There is no one to one care at any nursing home, even a great one. If she had put her $800,000 assets into a trust, Medicaid would have covered the nursing home years earlier and they’d still have the money to hire aides for her.

He has about 2M that I know of. Your point about the ability to hire aides makes sense. But if you’re in a Medicare bed, doesn’t it look odd that you have 1:1 care?

Medicaid, not Medicare. No it isn't odd! Anyone could be paying for your aides or your nice mattress ... the family has to cover all the extras.

But a nursing home won't allow someone to provide physical care to the patient; but they will let you hire a sitter, usually. Or if your parent stays in the home, you can apply for medicaid to help cover aides, and then supplement.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My dad keeps saying that we need to put assets in a trust so that when it is time, he is able to qualify for medicaid. What I can't figure out is why someone would want to. If you can afford not to have to go into a medicaid facility and you've saved for a better place, why would you not want to do that? I'm obviously missing a connection somewhere and I can't get him to explain it to me in a way I understand.

I would ask him what his plans are. He may have seen friends or relatives go through the process, especially if anyone has been dealing with alzheimer/dementia. Many years in a nursing home will indeed wipe out someone's life savings.

OP here—- yes I understand that. But what else is it for if not to pay for end of life care? Why would he want to live in a Medicare facility if he doesn’t have to? My mom has already passed so he doesn’t need the money for her.

How much does he have? My sisters MIL has lived from 80 to almost 90 in assisted living, just in the last four years has she started needed daily, then round the clock aides. Four years at that rate of spend has completed wiped out her assets. Medicaid will now cover a nursing home now but now she can’t pay for her own aides. There is no one to one care at any nursing home, even a great one. If she had put her $800,000 assets into a trust, Medicaid would have covered the nursing home years earlier and they’d still have the money to hire aides for her.

He has about 2M that I know of. Your point about the ability to hire aides makes sense. But if you’re in a Medicare bed, doesn’t it look odd that you have 1:1 care?

2M gives him so many options. Please talk to some fee only financial advisors. You should be able to generate about $200k/year from that. Walk away from someone who wants you to settle for a lot less. Does he also have a pension + social security?