(PA) My parents are 88 and 87. Mother was diagnosed about 7-8 years ago. Dad just this past summer of 2013. Neither of them drive. Both are on Aricept. Mom is also on Namenda. I call them every morning to be sure they have taken their meds. Their assets are only in cash or a Money Market account. They are not in bad shape for their age. I have a cousin nearby who can help when I cannot.
Bear in mind the nursing home sued because Medicaid did not approve payment prior to the patients death. So keep your financial ducks in a row. If you never took a penny from them, all well and good. If during the five-year look back there is anything unaccounted for , not so good.
Medicaid does a 5 year look back on the parents assets to look at their finances and where everything has gone. If $100,000 has been squandered then they basically make you pay it back by not covering your parent for a period of time. If a nursing home in your area costs $10,000 a month, then they will not cover your parent for about 10 months, during which time you will have to find and pay for alternative care.