Our Mother is 70 and working from home now. She has asthma and eventually will not be able to take care of herself. She is bitter (divorced) and has no money or preparations for her next phase in life. We (her 3 daughters) are not wealthy, but know we need to come up with a plan (financially). Mom refuses to talk about it and could care less that the burden has fallen on us three. Where do we start in this process?
Medicaid covers both assisted living and Long-term care, in all U.S. states.
Find out if she is collecting from her ex-husband's social security.
My crazy old grandmother born in 1933 was married 3 times and, somehow was collecting from more than one ex-spouse's social security. Before she died.
Again be re-assured that everyone eventually enters into medicaid. My extremely wealthy great-aunt has been depleting her Trust b/c she is convinced that Medicaid people are treated inferior to cash paying assisted living residents. Technically 1 (one) house and 1 (one) vehicle are each exempt from Medicaid asset calculations.
My aunt has an old Vanderbilt estate that is deeded to an irrevocable trust, which is legally exempt from Medicaid assets calculation, outside that one home one car exemption. She says that about Two years of Assisted Living remain in her cash paying Trust account. Meaning in two years she will enter into Medicaid, and will finally understand that she has been depleting the inheritances of her extended family members for no reason. Medicaid recipients receive the same services and treatments that she receives. She pays $12,0000 (twelve thousand) each month for her private room, whereas Medicaid pays 6,500 each month for a private room at the same facility.
Medicaid was never intended to be a retirement plan.