Reply to Separate finances: how to deal if one spouse isn't saving enough for retirement

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]
What if he has a stroke? Even if he had nothing in his name, he wouldn’t be able to get a Medicaid bed due to your situation. [/quote]

What if OP has a stroke?  She also can't get a Medicaid bed...right?

So what does that have to do with the price of beans?[/quote]

It’s that she could be alive and healthy with many years left where she will need to live in retirement off of her assets. If they remain married, Medicaid will consider many of her assets fair game in determining whether he qualifies for Medicaid to pay for his assisted living or skilled nursing care.

If OP has a stroke and doesn’t qualify for Medicaid, she has her own assets to cover her care. [/quote]

To be even clearer, she’ll have to use the money she is so protective of to pay for her husband, who she clearly does not want to subsidize. [/quote]

check that, OP.  In some states, retirement assets of a spouse do not impact Medicaid eligibility.

https://www.medicaidplanningassistance.org/medicaid-eligibility-401k-ira/
[quote]

Generally liquid assets (assets that are easily converted to cash) owned by either spouse of a married couple are considered jointly owned, regardless of whose name is on the asset. For example, say a long-term care Medicaid applicant is married and his/her non-applicant spouse has a checking account that doesn’t have the applicant’s name on it. For purposes of Medicaid asset calculation, this bank account will still be counted towards the applicant’s asset limit. As far as retirement accounts, some states view them as jointly owned, regardless of whose name is on them.

Other states do not. [b]In Pennsylvania and California, the retirement plan of a community spouse is exempt from being counted as an asset for the applicant spouse[/b]. In other states, such as New York, the non-applicant spouse’s retirement account is exempt from being counted as an asset as long as it is in payout status. Yet other states, like Colorado, count the retirement savings plans of both spouses, regardless of if only one spouse is applying for Medicaid.[/quote][/quote]

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