He will need a nursing home in the next couple of years, he has too much income to qualify for medicade, but not enough to pay for it. We live in CA, how can pay for it. I don’t make enough to help. I don’t want to sell the home.
You may need to buy Dad out of the home. The income/asset then, along with his monthly income, may be enough to pay for his care. It will all go into his care until he is without funds at which point he will go onto medicaid.
I understand you don't wish to lose the home, but the fact is that Dad doesn't have to sell his PRIMARY home if this is it to qualify for medicaid. However, if his income is too high then all said income has to go to the facility with medicaid picking up the portion uncovered.
See an elder law attorney to discuss Dad's situation with them in full.
The home is dad's asset and the proceeds from selling it will pay for dad's care. That's the way it's supposed to work.
I presume you want to keep the house for sentimental reasons or so that you can live in it. Your wishes shouldn't count. The house takes care of dad. He can invest the money from the sale and make money on money. Some CD's are now paying over 5% interest, and the money will be safe because it's FDIC insured. Stay away from reverse mortgages.
Go look at some facilities now so dad can have a say in where he goes. He'll be better off in a place with friends, activities and freedom from a house that can only eat up money (taxes, repairs, insurance). You'll be better off too without the weight of taking care of it. Good luck!
My daddy had to be put in a facility. It just about killed me to do so. I tried to get a reverse mortgage on the house but he would have had to stay in the house. I did not have the patience for caregivers so I decided to put him in a facility and pay the difference. It was cheaper to do that than to sell the house and pay rent or try to buy a house (because I lived with him) etc. I learned to do without and stayed in the house (I also have a job). He died within 10 months of having to put him in a facility but I was prepared to sell everything but the house - but that was my choice. If your dad is living with you then I am guessing you have your own home. You will need to sell his home and pay for care using that asset. You can check out facilities and group homes in your area. I had my dad in a group home and I made them my friends. I brought them treats, cards and talked to them as family. I told them they could call me anytime and I wanted to know what he had done all day. They also had the knowledge that when my daddy would have an anxiety attack they would call the doctor on call and was able to get medicine now. Then when I would arrive for my visit they would let me know how his night went. Blessings to you.
Most likely you will need to sell the home. If he makes too much money, he will have to self-pay. If he has any assets, they will need to be used to fund his care. I would consult an attorney as there may be ways to transfer assets now to protect them but your best advice would be to seek legal and financial advice.
I understand you don't wish to lose the home, but the fact is that Dad doesn't have to sell his PRIMARY home if this is it to qualify for medicaid. However, if his income is too high then all said income has to go to the facility with medicaid picking up the portion uncovered.
See an elder law attorney to discuss Dad's situation with them in full.
I presume you want to keep the house for sentimental reasons or so that you can live in it. Your wishes shouldn't count. The house takes care of dad. He can invest the money from the sale and make money on money. Some CD's are now paying over 5% interest, and the money will be safe because it's FDIC insured. Stay away from reverse mortgages.
Go look at some facilities now so dad can have a say in where he goes. He'll be better off in a place with friends, activities and freedom from a house that can only eat up money (taxes, repairs, insurance). You'll be better off too without the weight of taking care of it. Good luck!