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Reply to "ISO recs for a financial advisor who can help an elderly parent decide whether to convert TSP balance to an annuity"
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[quote=Anonymous]i think you need to consult with a medicaid/eldercare advisor *in your jurisdiction*, as a pure financial advisor will not have intimate knowledge of the medicaid process and rejections/exclusions, and the income limits vary by state/district. For example, in DC, long term care can be covered under medicaid for medically needy elderly who have spent down their assets as long as their monthly income is under $2829, requalifying yearly. Folks that have income over that may end up having more difficulties, and have to spend down/requalify every 6 months. https://dhcf.dc.gov/service/long-term-care-ltc maryland medicaid has different asset limits but will cover as long as the income does not exceed the cost of the facility. Waivers for in-home care I believe have a waiting list for years even after one meets the asset limits. So you need an eldercare lawyer, not a financial advisor. [/quote]
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