My mother lives with me because my father is unable to care for her in their home. Mom receives an annuity from the Railroad Retirement Board of $948.00. Because of this amount, I couldn't list her as a dependent on my tax return. She doesn't pay me to care for her. She does have a savings account and I withdraw $200.00 a month for her expenses such as OTC medications, prescriptions, incontinence products, clothing, and use the rest for groceries. I cannot work because Mom needs someone here all the time due to her numerous falls. Needless to say, I have exhausted my savings and I get a retirement annuity of 2200.00 a month which just covers rent (984.00), insurance, car payment, medical insurance, and groceries. I have had to withdraw from my savings every month to cover utilities, gas for the car (I don't get out much and all my clothes come from the thrift store) and I am unable to get my new contacts and eye drops to deter glaucoma, and I can't even go to the doctor because I can't afford the charges. Is there a way that her savings account can't be claimed because I know that eventually she will need more specialized care as she continues to lost her sight. I am looking for part time work because I may be able to leave her for 4 to 5 hours a day but I know I will be worried the whole time. Even food stamps would be good, but because of my "huge" income and hers and her savings account, we don't qualify. When I retired, I had plans to work part time, travel a little, do volunteer work, go back to school...but now I'm a full time caregiver. My siblings do not help in any way, shape or form. Any ideas? Suggestions?
Unless moms savings account is mid6 figures - like she has saved $200,000.00 or more - she will not have the $ to private pay for a facility for long so mom will apply for Medicaid. Right now it seems your living costs are being cominggled which has to be figured out and changed. Also as others have said, if your folks are still married, dads income & assets factor into her eligibility for Medicaid. Mom may need to get legal involved to get dads info for Medicaid & funds for soend down to whatever your state allows for a community spouse.
I get the sense that there is more to this story. The very important takeaway for you is that you MUST get an eldercare attorney involved in your mother's situation. You are right, at some point down the road, she will require Memory Care, or a Nursing Home, or lots of in home care (at her home or yours). The private pay price tag for Nursing Home care where I live is $15,000 a month. Which is why it is very important that you find out how to get her qualified for Medicaid. Protecting mom's savings account is not the piece of the puzzle that's important right now.
It does make sense for her to pay her own way NOW. Nobody expects her to live rent-free and with free board. Why aren't you taking that? It is crazy to impoverish yourself so she might avoid Medicaid a few months longer when the need arises.
What you REALLY need to do now is see a lawyer whose specialty is Elder Law. Come up with a plan that makes the most sense for you and Mom and Dad.
I'm curious why mom is living with you and not paying rent or a caregiver's salary to you. And why you think it's okay to impoverish yourself caring for your mom when she has assets.
But first, to the eldercare attorney to sort out the money issues.
If your mom can't be left alone, you really need to look into assisted living or a nursing home for her. I can't see how one person could care for her alone....? we love our parents to bits, but we can't do the impossible.