Resident Financial Application

kblau

is this a normal request to fill out? mom is in AL and the MC unit is full. Looking to move her to the sister location. Been negotiating pricing and today was asked to fill out a form about her finances. Then they ‘can see what they can do.’

Why would I disclose her assets?!

kblau

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fmb

Yes, this is standard. I had to complete one for DH as his guarantor at each place I applied on his behalf. Some are more comprehensive than the one you uploaded and include the spouse's assets (listed separately). They did not require documented proof of the numbers I provided. The facility wants to be sure that the applicant has the financial means to pay for their stay for at least two years. I have been told that after two years, Medicaid requires a much more detailed financial disclosure statement with proof (statements, etc.), whether or not the resident is on Medicaid. Perhaps someone with more knowledge could clarify that for us.

M1

I don't recall having to fill out any such form and we have been in two different MC units. I also would be a bit suspicious about their saying " we'll see what we can do." Their fees should public record.

Maybe it's because we are strictly private pay, but when i committed to move my partner from the first facility that I was dissatisfied with, the director called me up and offered to lower their rates just to keep us there. It was way too little, too late and also p*ssed me off big time.

I think I would ask for clarification before you fill out the form. Ask why they want the information.

harshedbuzz

Why wouldn't they? I've never rented an apartment unit without being financially vetted. When you say "sister" facility, do they have the same owner? I would think your original application would carry over under those circumstances or perhaps they have different policies between MC and AL. I don't think price negotiation is the norm here, but if current AL residents are given a better price transferring to MC it seems like you should be extended that better price.

When placing dad, we applied to two different facilities that both had a similar form. I'm in the Philadelphia suburbs. They wanted to know about monthly income from social security, pensions, annuities and distributions as well as assets. One of them wanted to see the actual statements. Both places operated on a business model of a period of self-pay before converting to Medicaid. A third facility we looked at didn't take Medicaid but had a benevolent fund to cover longer-term residents who'd run out of money. My aunt's facility outside of Boston was the same about documentation; they did not accept Medicaid.

Our state-run veterans homes do operate on a sliding-fee scale and required extensive documentation of assets/income on application.

HB

Whyzit2

In Connecticut this is legal and to be expected according to my CELA.

HollyBerry

Agree, why wouldn't they? I am actually surprised they don't need proof of the numbers we give them, though they do ask for permission to do a credit check. They need to know they're going to get paid, and if they have a foundation to cover someone who outlives their savings, they have information from an actuary that can predict how likely someone is to need support from the foundation. They accepted my mom, who didn't have a whole lot of money left, because she was 92.

kblau

they don’t accept Medicaid and the sister facility is the same ownership. In fact, we are paying more in AL with a private aide than in MC.

kblau

I will let you know what happens…