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Would a long term nursing home take my savings?
We married when I was 47yrs old and he was 60. He is retired off the railroad for 6 yrs now, and I still work full time. I decided to buy health insurance for him thru my employer. He had to stay in a nursing home for 6 weeks recently and the insurance paid the bill.
Ive saved in a 401K when I wasn't really able to save. I have a lot of money saved. He hasn't saved a dime.
Im worried if he lands in a nursing home, they will take all my savings to pay for his care and leave me with nothing.
Can they do that?
6 Answers
- EvaLv 72 years ago
No, but you'd better consult with a Medicaid planner to protect your assets. You can find one through your local office for aging. You might want to look at transferring your home into your name alone. Medicaid has a 5 year look back period on any of his assets. What that means that any assets transferred within 5 years of the time he applies for Medicaid are looked at as if the transfers never happened at all and he still owned the assets. Your insurance will not cover a long-term nursing home stay for him. They can't force you to use assets that you need to live to pay for his care. They can't force you out of your home, but they can put a lien on it.
- Casey YLv 72 years ago
Damn right they can. Its not your money and his money...you are married...its common money.
So, you want the state to pay for your husband while you keep all of this cash? That's what you are saying here.
Divorce is probably the best option if you really want to protect your money...but don't forget...he gets half of the retirement anyway.
- Beverly SLv 72 years ago
If he ends up needing Medicaid or government assistance to pay the nursing home they do require payback once he passes.. if you've also lived in the home for at least 5 years (I believe it's 5) then they let you stay until you pass. However if you have health insurance paying then you don't have to worry.
- Anonymous2 years ago
He can still be enrolled in medicaid, but you need to be familiar with CRSA (Community Spouse Resource Allowance). You can keep half of your assets (up to the cap).
No, you can't be a multi-millionaire while your spouse is on medicaid.
Consult an estate planning attorney for professional information and advice.
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- 2 years ago
For instance, nursing homes and assisted living residences do not just "take all of your money"; people can save a large portion of their assets even after they enter a nursing home; and a person isn't automatically ineligible for Medicaid for three years.
- Anonymous2 years ago
You might want to consult an attorney who specializes in elder law, so you will be prepared if anything happens.
