Assets

mpang123

I'm trying to determine what kind of assets are considered income for my parents to qualify for Medicaid and Long term care. I've been calling around for services for my parents when the time comes.

Jeanne C.

This site shows Medicaid requirements by state: https://www.medicaidplanningassistance.org/state-specific-medicaid-eligibility/

I strongly recommend seeing a certified elder law attorney (CELA). They'll understand the nuances of Medicaid in your state.

concerned_sister

Thank you for that link, Jeanne.

mpang123

Excellent information! I saved it to my phone for future reference. Next step is to try to convince my parents to plan for their care when the time comes. Income and assets need to be considered. I need to convince them to see CELA. Wish me luck…

M1

mpang, you and your nephew need to see the CELA at least initially without including your parents. Trying to involve them is only going to complicate matters. Yes they may need to eventually be involved, but not at the initial meeting.

mpang123

Thank you M1. I will get with my nephew and find a CELA. I heard the initial consultation is free. We'll go from there.

concerned_sister

That may vary by CELA (it did with ours), you may want to ask ahead of time.

mpang123

Ok. I will make sure if I have to pay for the initial consultation

ladybrit1211

CaliforniaGirl-1

It varies by state. In California there was a recent change as of 2024 which says they don't look at assets and only income for a number of programs for the elderly and disabled. So the home and bank accounts don't count but income and interest and dividends and social security do count.

Also as I understand it in California, what is paid for board and caregiving can offset some of that income when figuring out if you owe share of cost. It is different in every state . You want to talk to a CELA or an eldercare ombudsman. There are also accountants and financial planners who specialize in this but it all varies by state.

mpang123

Thanks California girl. I live in Texas and Medicaid is determined by assets and income and can't be over $2000/mo. My parents are disqualified until they spend it down. They'll be broke.

CaliforniaGirl-1

https://alzconnected.org/discussion/comment/207304#Comment_207304

It is probably still worth consulting an expert or state eldercare ombudsman.

mpang123

Im planning to see elder law with my nephew. we are co-agents in DPOA. It's a matter of planning for it. But I don't know how we will afford the lawyer. I'm disabled and nephew is in college and working.

M1

the lawyer will be paid out of their estate. It can be part of the spend-down.

mpang123

Mom's DPOA is only in effect when she is incompacited. How am I going to encourage her to meet with the lawyer before then and discuss finances?

mpang123

I've been thinking…maybe I have to wait till mom is proven incompetent in handling finances and medically compromised in order to arrange treatment and placement for my parents. Then the lawyer fees would be paid out of their accounts.

psg712

Mpang, what do you need to prove incapacity? Might be good to start on that.

mpang123

I'm keeping close tabs on my mother. I'm observing if she can handle her finances, her progression of memory and confusion, keeping up with her ADLS, how she takes care of dad with his dementia, and handling her responsibilities. If and when her health declines and she cannot take care of herself anymore, then I will contact her PCP to activate the POA and have me and my nephew take over.