My mother unfortunately passed away recently and she was my father's full time care taker. He is disabled and unable to live alone now. I am looking into applying for Medicaid as his pension and social security will not cover the cost of assisted living/ltc. I know that I have to spend down my parents savings by paying on the assisted living/ltc first before applying. However I had a question in regards to my mother’s life insurance policy. She designated me as the only beneficiary not my father. Since they were married does Medicaid still count this toward his assets even if he wasn’t the named beneficiary?
Now if Dad had been beneficiary, then that money would have been needed to be used for his care. Now if Dad has an insurance policy with cash value, that policy will need to be cashed in and the money used for his care.
I would also think about LTC for Dad instead of an AL depending on his physical and mental state. ALs are just that they assist. There comes a time when care is more than they can give. They basically only have aides. Maybe one RN who oversees and is on call. If skilled nursing is needed, then a LTC is where he should be.
In my state, in an AL you pay privately for at least 2 years and then can file for Medicaid to be able to stay there. AL has to except Medicaid and the other problem is if they have reached their quota for Medicaid residents.
Its easier to get someone in LTC if they private pay first. Then changing to Medicaid is easier. Mom paid 2 months privately in a NH. My state gives you 90 days from start of application to spend down, get them info needed and find a facillity. Mom was admitted to facility on May 1. She had enough money to pay May and June. This took all her money but $180 well under 2k. Once I got all the paperwork in and confirmed it with the caseworker, Medicaid started paying July 1st. You can have the facility help with the application, but I would not count on them to carry through making sure every criteria is met.
If you haven't, I would think about pre-paying Dad's funeral. Medicaid allows this. Helps with the spenddown I actually used Moms insurance cash value to do this. Check with the funeral director, but you are allowed enough for the service, the viewing and that service. Flowers and I think the luncheon. I went ahead and picked the casket and everything that goes along with that. When Mom passed, everything was in place. I just had to order flowers and call the minister.
Try to find a LTC facility that will keep your father when his assets run out; some ALF will not. Then when he is close to that time the Social Worker assigned will help you apply for medicaid payments to go directly to them for his care.
If you are the only beneficiary of the policy, the money is yours- not your dad's- and will not affect his application.