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Long-Term Care Planning

Medicaid Rules When One Spouse Needs Nursing Home Care [Video]

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Medicaid Rules When One Spouse Needs Nursing Home Care

So both my parents have been living at home but my mom is not doing as well as she was and she needs to go into a nursing home, what do we do?

Paula K. Almgren, Esq.: Okay, so in Massachusetts, the rules are not designed to impoverish your parent who’s able to stay home. So what would happen is your mom could move to the nursing home, I would talk to your parents first about spending down and certain things that are allowed. There’s also many Medicaid exceptions, so I would see is there a way that we could protect the home or certain things like that. But I would move assets to the parent who’s at home. The parent who needs a nursing home can only have $2,000 or less in their name and then your mom would be Medicaid eligible. And by the way, Medicaid is called Mass Health in Massachusetts but she would be eligible once your other parent who’s at home, their assets were $130,000 or less roughly. And then, if they’re over that amount there’s a certain kind of annuity that the home spouse could purchase that turns countable assets into a non-countable income stream for the well spouse. There’s so many options and there’s so many ways to approach it, so it’s not cut and dry but it’s worth exploring all the options.

THIS CHANNEL IS FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT PROVIDE LEGAL ADVICE.

Categories
Long-Term Care Planning

So both my parents have been living at home but my mom is not doing as well as she was and she needs to go into a nursing home, what do we do? Paula K. Almgren, Esq.: Okay, so in Massachusetts, the rules are not designed to impoverish your parent who's able to stay home. So what would happen is your mom could move to the nursing home, I would talk to your parents first about spending down and certain things that are allowed. There's also many Medicaid exceptions, so I would see is there a way that we could protect the home or certain things like that. But I would move assets to the parent who's at home. The parent who needs a nursing home can only have $2,000 or less in their name and then your mom would be Medicaid eligible. And by the way, Medicaid is called Mass Health in Massachusetts but she would be eligible once your other parent who's at home, their assets were $130,000 or less roughly. And then, if they're over that amount there's a certain kind of annuity that the home spouse could purchase that turns countable assets into a non-countable income stream for the well spouse. There's so many options and there's so many ways to approach it, so it's not cut and dry but it's worth exploring all the options.THIS CHANNEL IS FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT PROVIDE LEGAL ADVICE.

Categories
Long-Term Care Planning

Evergrow Coin | Crater's Groundbreaking Long Term Potential [Video]

I discuss Evergrow Coin and the Crater Project... how it can potentially blow up and become the groundbreaking utility that brings Evergrow in to the next level. Evergrow Website:https://evergrowcoin.com/THIS IS NOT FINANCIAL ADVICE AND IS FOR ENTERTAINMENT PURPOSES ONLY. DO YOUR DUE DILIGENCE BEFORE INVESTING IN A PROJECT