Couple saves VIRTUALLY ALL their life savings . . .
WINS here at Elder Care Financial are not just for singles. Some of the greatest benefits can be provided for couples.
I worked with this couple in the Boise, ID area:
Hank and Angie (remember, I changed the names!) were getting along in years, when Angie had a stroke. While she was still verbal and functioning reasonably well, it soon became evident that she would need assistance in a Nursing Home. The facility Business Office Manager suggested that the family talk to me about qualifying for Medicaid and helping preserve the couple's life savings.
Upon review, the couple owned a house, a car, and about $60K in the bank. That was their life savings!
If this were submitted to Medicaid just like that, they would say that the couple would need to spend about $28K before Angie could qualify for Long-Term Care Medicaid. Of course, the Medicaid office won't tell you about the next rule . . .
I worked with the family to "reposition" the $28K from an asset in the bank to INCOME for Hank. (Of course, there are a stack of rules around doing this correctly!) By the first of the next month, we applied for Medicaid AND IT WAS APPROVED.
WIN #1 - Hank and Angie saved virtually ALL their life savings. Instead of SPENDING about 1/2 of their life savings, Hank received the $28K back over a few months.
WIN #2 - After Medicaid was approved, Angie only paid a portion of HER income (about $600/m). Hank was able to keep his own income and the couple's life savings to continue life at home in the community.
WIN #3 - The Medicaid workers has reviewed the whole plan and approved Long-Term Care Medicaid. They agreed that, according to the rules, the couple was ALLOWED to move some assets from the bank and convert it to INCOME for Hank, and allow Angie to qualify for Medicaid sooner.
Isn't that Great! If it were MY MOM and Dad, it would be a big deal to be faced with spending about HALF your life savings, and then realize there is a better way!
I just had to share!
Hope you have a great day!