I'm suspecting some of you have been through this process before with your parents / grand-parents. At the moment, we are having to face some choices with my father-in-law. However, he is stubborn and doesn't believe in Medicaid - or, that Medicaid would pay his nursing home bills, if needed.
A little background:
- My father-in-law has his own apartment and car. He's 76 years old.
- During late-December, he suffered from several aneuryisms (one in each leg and a couple near his aorta.) He's had the surgery to correct the issues in his legs and the surgery on the aorta will be conducted in about a month.
- He also suffers from a degenerative muscle disease where he has very little strength.
- About 7 years ago, he purchased a nursing home plan that would cover approximately 3 years in a nursing home (or $176,000) and then the plan would end.
These recent health issues have meant that he needs to live in an assisted-living facility. His apartment is being cleaned out this weekend, because he will be unable to return there to live on his own. His financial advisor informed my sister-in-law that he should dump most of his financial assets (CDs, stocks, etc.) and give the proceeds to my wife and her sister. The belief is that once his nursing home plan has been exhausted of the funds, he would then qualify to live in a facility funded by medicaid. However, my father-in-law is very stubborn and doesn't believe that medicaid will provide the payments so he can live in a nursing facility.
Has anyone been through this before? How are the medicaid facilities? Does medicaid provide the payments if one can't pay for an area to live on their own?
Thanks! 😉
A little background:
- My father-in-law has his own apartment and car. He's 76 years old.
- During late-December, he suffered from several aneuryisms (one in each leg and a couple near his aorta.) He's had the surgery to correct the issues in his legs and the surgery on the aorta will be conducted in about a month.
- He also suffers from a degenerative muscle disease where he has very little strength.
- About 7 years ago, he purchased a nursing home plan that would cover approximately 3 years in a nursing home (or $176,000) and then the plan would end.
These recent health issues have meant that he needs to live in an assisted-living facility. His apartment is being cleaned out this weekend, because he will be unable to return there to live on his own. His financial advisor informed my sister-in-law that he should dump most of his financial assets (CDs, stocks, etc.) and give the proceeds to my wife and her sister. The belief is that once his nursing home plan has been exhausted of the funds, he would then qualify to live in a facility funded by medicaid. However, my father-in-law is very stubborn and doesn't believe that medicaid will provide the payments so he can live in a nursing facility.
Has anyone been through this before? How are the medicaid facilities? Does medicaid provide the payments if one can't pay for an area to live on their own?
Thanks! 😉
