Reply to Supporting parents/in-laws financially in old age

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]My parents have enough for one year of memory care for my dad before they hit the savings limit for medicaid. And then I will have to choose between my kids' college fund or my dad's memory care. And then if my mom needs extensive care too, that will also be on me.

My goal in life is to not pass this burden to my children. Either I have enough to pay for any and all levels of care or I die first.[/quote]

I’m confused. What do you mean by hitting the Medicaid savings limit?[/quote]

I don't know what the official term is, but medicaid only kicks in for people with $X money in savings or below. I think for the surviving spouse, you have to spend down to around $150k before medicaid will cover the sick spouse in a care facility. House and car are not included in the $150k, which is to prevent the surviving spouse from losing their home and living in poverty.

My parents have about $300k in savings, and my dad will likely need memory care very soon. He is in good physical health otherwise, so it's not impossible that he will need more than a year of memory care at $12k a month. It's difficult to find a spot for medicaid covered memory care, and then when you do, it's often not in a decent quality facility. And then you have to make the choice do you leave your parent in a facility you know is not giving them adequate care, or do you pay for a better place with your own money.
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