My father in-law is living in an assisted living facility in Missouri. Recently was approved to receive partial assistance for his living expenses. He also receives SSI, retirement, and veterans benefits. His checking account is below $1000. He owns a home in Illinois that is for sale. He still has a small mortgage payment that is difficult to pay because his expenses and bank account situation. We now have a buyer that is interested in the house. When we sell the house and he get the proceeds from the sale, what is he allowed to do with this money and how does this affect his Medicaid?
Her property is worth 6 figures.....too much $$ & family is going to surface. If there is no family, then I'd suggest you & her schedule an appointment with an elder law atty to do the paperwork for you to become MPOA, DPOA and do whatever else paperwork needed and have the atty explain how Medicaid works. I'd help her by doing a listing of all her debt and bills due and current tax assssor starement along with a "face sheet" on her n advance of atty meeting. Face sheet should details all marriages, kids from, status on former spouse and her immediate family (siblings). There is gonna be a lineal heir out here somewhere...
She currently qualifies as her home is an exempt asset. If she sells it, the $ from the sale becomes income the month received and then becomes an asset and either will take her over Medcaid $ limits. She can reinvest to buy another home but it sound like with her history of falls her living on her own well that is just a clusterF waiting to happen. Yeah she could buy an annuity but unless it's a medicaid compliant annuity, it will make her ineligible. Non- compliant Annuities for those elderly & infirm are a bad Idea as they are going to need the $ and will take a huge hit to cash it in - the insurance guy who sold it will make a tidy commission on the annuity btw.
Really she has the ability by selling her home to live in an independent living place and pay for aides if she is adament on not going into AL. What I have found is for most elderly what their view of what a AL / NH is based on what they were in the 1950's - 1970's & along the lines of a mental institution. Lots of fear and imagining moving into a snake-pit. If they never themselves have had close friends move into IL or AL and visit them, they don't know how terrific they can be.
Good luck in this but be careful not to place yourself at risk.
Since he does not live independently, he has no need for a car (which he would be allowed to buy for use own use). So, he will spend it on the ALF monthly payments until he is back down below $2,000. Then Medicaid will pick up again.
If Medicaid continues to pay after the house is sold....beware...Medicaid will be coming to that money, make sure it is available when they do.
What options are available so as not to be disqualified from receiving medicaid benefits? Is there a time period in which she has to purchase another primary residence while remaining on medicaid. Is an annuity an option. If not ???? Help please!
Is where she is at handicapped accessible?