Texas, having been the nursing home route with both parents in the last few years, I sympathize wholeheartedly. Yes, the rules are getting stiffer, Medicaid was supposed to pay for people who couldn't, and of course many people who could pay transferred their assets to their children so that the gov't would bear the burden. Thus the fairly new and stiff rules. Now any transfer of assets within 3 years of applying for Medicaid is penalized by creating an ADDITIONAL waiting period (which can be quite long) before benefits can begin. And I understand that in the case of joint assets, part of them are considered belonging to the other spouse...but for people with modest incomes what's left for that spouse isn't enough to live on.
More and more I read that buying a good Long Term Care insurance policy, preferably in your early-mid 50's, is one of the best investments we can make. The premiums if bought at that age are less than $1K per year, the good policies have inflation adjustments, guaranteed rates for life (unless everyone's rates go up, they can't just raise yours) and most people at that age can pass the physical. Something for all us aging boomers to look into...not something you have to deal with any time soon for yourself, though! I wish you the best with your difficult situation.
Bev |
