I am 11 yrs younger and was told I had to spend down MY 401k for him to qualify since I am the community spouse. This does not seem right. How can I plan to retire if my retirement money is wiped out? The only way I can figure this out is to divorce. He has little to no separate assets. Has anyone come across this and how did you handle it? I was told our home does not count in the assets since I would reside there. This is stressing me out as he has been in and out of the hospital lately and I feel like I need to have a plan in place. Thank you.
https://www.medicaidplanningassistance.org/medicaid-eligibility-401k-ira/
I hope you will get to keep your 401K. Good luck to you.
A qualified eldercare attorney in YOUR state can advise you on the best course of action.
Also, consider that there might be different rules for Community Medicaid (help at home) and LTC/NH Medicaid.
The differences between states doesn't seem right. And then why should there be only a 2.5 year lookback in CA, while it's 5 years for everywhere else? I know, I know....that is the way Medicaid is set up. States get to decide.
I'm not happy with the way my state does things. I am going to push H for us to see a retirement planner.
same boat and no paddle. an elder attorney is your answer for quick results . It’s a lot less than spending down all of your assets unless they are joint . Spousal refusal has to be signed and your individual assets has to be less than , I believe $125,000 . Spend down his assets .
joint is a big problem, a few things have to be done before applying or you most probably will get denied .. To help .. a irrevocable funeral has to be planned and paid … unfortunately, don’t take it to heart .. it’s not easy to do .
read up on spousal refusal…. That is the key … but paperwork and joint accounts from 5 years ago has to be presented to help. Download your yearly statements to separate files to send to the lawyer .. it’s easier. Your W-2 is also needed … 3 months of your pay. Have him make out a will and health proxy and become his POA…you will need it everywhere … banks .. health .. life insurance… all hell is going to break loose.. but my dear don’t panic … calm yourself and drive with loud music .. stay on top of it and work fast
If someone other than an official within the Medicaid office in YOUR state told you this, you may have wrong information. Too many people miss out on resources by basing their choices and actions on what friends and family have said.
If a Medicaid official told you this, ask for a supervisor and/or consult with a local eldercare attorney. Any attorney can advise you, but if they don’t specialize in eldercare they may not be up on the latest law changes that apply.
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