My husband is 68 with Alzheimer's. We have met with an eldercare attorney and he says we would never qualify for Medicaid. He says it will probably take most of our funds to take care of him? I would not be able to live on SS after he is gone. I could not afford to maintain our small home. I don't know what to do. I fear the future.
Believe it or not, it works essentially like this:
1. All assets are transferred to the Community Spouse (CS) - the spouse not applying for benefits.
2. The CS signs a form stating he/she refuses to support the Medicaid applicant. (This form can be found on the DCF website).
3. The non-CS applies for Medicaid.
4. As a result, all assets that now belong to the CS's are not subject spend down or qualification limitations.
The caveat here is that as a result of claiming "Spousal Refusal" the CS will not be able to receive any of the spouse's income for her own needs if she would have otherwise been eligible for same (Spousal Income Diversion).
The pro's and con's of this approach need to be weighed carefully if the numbers are close.
The information above is provided for educational and informational purposes only, is generally available public information, and should not be be considered financial or legal advice.
And I was shocked at other health issues from another company website that also would disqualify someone, such as Diabetes or having open heart surgery, both of which doesn't stop someone from having a long productive life.
Life can be unpredictable, so you may find in the future your house is too expensive for you to keep. That is something to worry about when the time comes. I do hope you are able to keep a sizable piece of your retirement savings so you will have a nest egg to fall back on. Be sure to invest it wisely and let it grow. Wishing you much luck. I know that your life is challenging right now. I hope things fall in place soon.
My husband is a veteran and has also worked hard his entire life. We will have the funds to take care of him. It just will most likely leave nothing for me.
When having our wills drawn up in NJ we were told about something where if one spouse is inconpacitated, ex: a coma, the house would revert to the other spouse. Meaning, it could notbe touched to help with ill spouses bills. May want to see if Fla. has something like this.
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