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Reply to "How do families pay for aging parents? "
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[quote=Anonymous][quote=Anonymous]Get him into a nursing home that accepts Medicaid. He will have to spend down that 100,000 to about $2000 (depends on the state). When he has spent down (maybe 8-9 months or less), then he will be Medicaid pending while the nursing home helps him apply for Medicaid. Make sure you have 5 years worth of his bank statements, 5 years of tax returns and all his records. Get a POA medical and financial. It’s not your responsibility to pay anything. $100,000 is enough to get him into a place private pay and he can transition to Medicaid. The place my loved one is in is over $12k per month. They started out with only $30k in assets.[/quote] This is Excellent advice! I’ll add that you should be very careful with the paperwork so that you are not committing to any financial responsibilities for yourself. [/quote]
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