The community spouse can keep half of all assets... up to $100,000. So if you and your spouse together have $800,000 in, say, retirement accounts... you need to spend the $700,000. Spouse keeps $100,000. Spouse's income (pension, SS, etc) is not counted for Medicaid eligibility, though. Just assets. |
You can deduct the cost of long term care from your taxes if the patient is "chronically ill" and meets the following criteria: https://www.irs.gov/pub/irs-pdf/p502.pdf
So yeah, if someone is in assisted living because they can't take care of themselves, at least they can get a pretty big tax deduction. |
https://www.vox.com/the-goods/22639674/elder-care-family-costs-nursing-home-health-care
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Obviously! But we are happy to have my parents spend down all/most of their savings to provide excellent care(5 * life for the last 10+ years of their life). Sure they are "overpaying" but they are living very nicely (much nicer than ever before in their life) and are well taken care of, even in IL. I'd rather they spend on that than leave me an inheritance |
If you need care in your elderly years, yes. Some will make it to 90+ in Independent living, others will need more advanced care earlier. My parents are 85 and still in IL. |