what happens if home or property was put in my name when my parents needed me to care for them and I am faced with possibly placing them in assisted living? what if this happened in less than 5 years? This is a ridiculous rule, all of us work to one day leave something to our children this changes the way I am looking at my will and assets so my children won't have to deal with this someday. any more info would be helpful. Thank you
With that said your first step is to consult an elder Care lawyer in your area. I had to spend down my dad's assets so he would qualify for Medicaid so I could place him in an alf and they questioned the 5k check for my wedding that he wrote for me since it was less than 5 years ago. Not to mention that the combed through his bank statements line by line to make sure no one is taking advantage of the situation. If you can wait to start applying for Medicaid until there are more than 5 years from the time when they put the house in your name I think that would save up a lot of stress.
To fill the gap , work with the dept of aging services in your area to see what home health care they could provide for a lower cost. Talk to them about your parents' social security income and see what options are available. Not sure if there is a flexible spending account option at your job because that can be applied to adult day Care services as well.
My answer was designed to validate the original poster's concerns that healthcare is super expensive, no matter how you slice it. Just because people are well off doesn't mean that it doesn't sting when you see money flying out the door every month due to extremely high health care costs. I didn't consider my dad to be poor necessarily, but on his own, he couldn't have afforded the health care that he needed, so medicaid was the best option for him.
I see that you feel passionately about this issue and I understand why. I am just trying to provide both sides to the story. I hope this clears things up for everyone.
most of us could feel like we were doing the best we could for our loved ones. If you don't agree with this post, oh well. Unless you die young you will be in this situation at some point. It's a money game at the expense of the elderly