A Place for Mom's Family

My mom has been in and out of rehab and hospital with fractured hip.  She will either have to go back to their home with Home Health Care or an assisted living facility.   I probably have to do private funds.  My father is still alive and has growing dementia but is younger then my mother.  They have a primary house in Maryland which they have debt on and a condo in Florida.  The have sold my deceased brother's condo and have $100,000 which I intend to spend on the health care but it won't last.  How do I keep assets for my family without losing a lot of it to the nursing care?  What can I do as Maryland has this 5 year look back law for Medicaid and both my parents have pensions.  The assisted living is way too expensive and need to stretch their dollars.

 Thanks

Hello Cindy,

Because I don't have full knowlege of your parent's personal circumstance this information is in general terms:

If you have questions regarding your state's Medicaid laws and would be interested in applying for assistance for your parents you can start by calling 1-800-MEDICARE and they will refer you to an office in your area.  

If either your father or mother are war time Veterans they may qualify for the VA Aid and Attendance Pension.  To apply for VA Healthcare, or to determine eligibility, call the VA's Health Benefits Service Center at (877) 222-VETS, or contact a Veteran's Benefits Office, or VA Health Care facility.  Veterans and surviving spouses who need the regular attendance of another person to eat, bathe, dress, undress, or use the bathroom may qualify for the Aid and Attendance Special Pension.  Eligible veterans may receive up to $1450 a month in health care benefits and surviving spouses may receive up to $945 a month.  This pension can help pay for care in the home, nursing home, or assisted living facility.  

Hi Cindy,

I am sorry there is so much going on right now and I know it can be stressful but it sounds like you are a strong rock for your parents!  One thing that you can do if you decide on Assisted Living is to look for a smaller more residential type of community which may help to keep costs down and your private funds lasting longer.  I can also refer you to some Financial Advisors in the Maryland area who are knowledgeable with Medicaid and the new regulations and may be able to help you sort out or protect your finances.  Please email me at jessicaw@aplaceformom.com if you would like additional information on those resources.

I hope this helps!

Cindy, You have a lot of challenges facing you at the moment. I know it's difficult to think beyond the immediate issues with your mom and dad, but it's important that you begin planning as soon as possible. 

Learn what your family's options are, and don't be panicked into making the wrong decision. Consult with your mom to determine what her wishes are (home vs. assisted living), if you haven't already done so. 

Some general observations, which not intended as legal advice to cover your specific situation (as I don't have all the relevant facts):

1. All states are phasing in the five year look back.

2. There are significant differences between the laws in Florida and Maryland, so you will need advice regarding laws in both states.

3. If your parents don't have the basic legal documents (wills, advance directive, power of attorney) in place already, these should be a priority for both of them, especially for your father as long as he still has legal capacity to execute those documents.

 4. Consult an elder law attorney.  The directory on www.naela.org is a good resource.

Cindy,

If the primary residence only has a small debt on it, you can consider a reverse mortage which will pay off the existing debt and depending on the appraised value of the home and your parents ages, we may be able to give them additional funds from which to pay for their care.  The money taken in a reverse mortgage is not considered income does not affect benefits and is not recoverable by Medicaid. 

 Fell free to visit my web site at http://www.reversemortgageguru.net or call me toll free at 1-800-236-9096 Ext 106 and we can explore this.

 Cordially,

 Alfie Schloss, CSA

Reverse Mortgage Consultant

Wells Fargo Home Mortgage.