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Reply to "How will this work (financing for nursing home) ...."
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[quote=Anonymous]My widowed, childless aunt lives in Florida, is hospitalized and is going into rehab place that also has a nursing home. Unless she makes amazing progress, she will either need to get ft help or go to the nursing home. (I actually suspect she will not be released home because every time she is, she ends up back in the hospital.) She has about $120k in the bank and a house worth $350k-$400k. We also found out she gave away $50k two years ago to a family friend and has put her house in "life estate" with that friend. We were thinking we would all chip in if my aunt needed money but we would rather her funds are spent down before the family members chip in. So if you've had a similar situation, what is the spend-down order for Medicaid in case of nursing home? Once her savings are used up, do they immediately force the sale of the house (there is no one else living there) or how does it work? I have heard about clawback but I assume that would come after the sale of house. She's in such bad health that I don't think she will outlive all of that (savings, house value and clawback) but she is likely to outlive her savings. [/quote]
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