What do you do when you or a senior loved one needs care now — a crisis situation — and they have some money available? Elder law attorney Jim Koewler joins Suzanne Newman to answer this question. 

In this situation, one option is to choose to private pay for the care. This segment focuses on financial eligibility for married couples to receive VA pension benefits and Medicaid. More providers don't want to participate in Medicaid's reimbursement because it doesn't pay as much as private pay, though this could change in the face of COVID.

If you're married, to get Medicaid you have to spend your assets down below $2,000 (Federal and Ohio levels; amounts vary by state). If you have more than $260K, the healthy spouse would be able to keep about $130K. The rest of it is attributed to the one who needs care and must be spent down. The VA has roughly similar levels whether you're single or married, but there is no 50/50 split between spouses. VA penalizes money given away in the last 3 years; Medicaid for the last 5 years. There are differing effects on property ownership, depending on your state. 

What you can do with your wealth differs with VA pension benefits and Medicaid, but you can still spend. Spending is OK — you can't give away without the potential penalties, and the penalties are treated differently in the two programs as well. If you want to spend on things that make sense, for instance on a lift chair, or comfortable clothes that are easy to take on and off, or hearing aids, dentures, glasses, or four cruises around the world, that's OK.

Jim Koewler addresses later-life financial and legal issues. Talk to an elder law attorney to guide you in your state with your situation. Learn more at Answers for Elders or at Jim's website.

What do you do when you or a senior loved one needs care now — a crisis situation — and they have some money available? Elder law attorney Jim Koewler joins Suzanne Newman to answer this question. 
In this situation, one option is to choose to private pay for the care. This segment focuses on financial eligibility for married couples to receive VA pension benefits and Medicaid. More providers don't want to participate in Medicaid's reimbursement because it doesn't pay as much as private pay, though this could change in the face of COVID.
If you're married, to get Medicaid you have to spend your assets down below $2,000 (Federal and Ohio levels; amounts vary by state). If you have more than $260K, the healthy spouse would be able to keep about $130K. The rest of it is attributed to the one who needs care and must be spent down. The VA has roughly similar levels whether you're single or married, but there is no 50/50 split between spouses. VA penalizes money given away in the last 3 years; Medicaid for the last 5 years. There are differing effects on property ownership, depending on your state. 
What you can do with your wealth differs with VA pension benefits and Medicaid, but you can still spend. Spending is OK — you can't give away without the potential penalties, and the penalties are treated differently in the two programs as well. If you want to spend on things that make sense, for instance on a lift chair, or comfortable clothes that are easy to take on and off, or hearing aids, dentures, glasses, or four cruises around the world, that's OK.
Jim Koewler addresses later-life financial and legal issues. Talk to an elder law attorney to guide you in your state with your situation. Learn more at <a href="https://answersforelders.com/jim-koewler/">Answers for Elders</a> or at <a href="http://www.protectingseniors.com/">Jim's website</a>.

Answers for Elders is the North Star in Navigating Senior Care.  Our content is designed to Empower Seniors and their Families through the Daunting Journey of Aging.

Featuring our host, Suzanne Newman and top industry providers across the USA, together, we support, coach and assist seniors, caregivers and their families in finding the best independent solutions in world of aging, with a comprehensive line-up of topics covering Health & Wellness, Life Changes, Living Options, and Money & Law.

Answers for Elders is the North Star in Navigating Senior Care.  Our content is designed to Empower Seniors and their Families through the Daunting Journey of Aging.
Featuring our host, Suzanne Newman and top industry providers across the USA, together, we support, coach and assist seniors, caregivers and their families in finding the best independent solutions in world of aging, with a comprehensive line-up of topics covering Health &amp; Wellness, Life Changes, Living Options, and Money &amp; Law.

Answers For Elders Radio Network

Empowering Seniors and their Families through the Daunting Journey of Aging

For Caregivers: If you're caring for a senior loved one, or navigating later life care, we help make the journey so much easier for you and your family.

For Seniors: We help you be proactive to prepare for your aging years ahead, honoring your wishes.

Featuring our host, Suzanne Newman and top industry providers across the USA, together, we support, coach and assist families in finding the best independent solutions in world of aging, with a comprehensive line-up of topics covering Health & Wellness, Life Changes, Living Options, and Money & Law.

Empowering Seniors and their Families through the Daunting Journey of Aging
For Caregivers: If you're caring for a senior loved one, or navigating later life care, we help make the journey so much easier for you and your family.
For Seniors: We help you be proactive to prepare for your aging years ahead, honoring your wishes.
Featuring our host, Suzanne Newman and top industry providers across the USA, together, we support, coach and assist families in finding the best independent solutions in world of aging, with a comprehensive line-up of topics covering Health &amp; Wellness, Life Changes, Living Options, and Money &amp; Law.

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