Are You Struggling To Figure Out How To Pay For Long Term Care For A Loved One In A Nursing Home?
We often think that Alabama Medicaid is the only way to pay for nursing home for our spouse or parent.
However, Medicaid is simply one solution among a number of solutions.
To properly determine how to pay for nursing home care, we have to look at the risk and then all of the options before we can adopt a … (Read more)
Continuing our series on Alabama Medicaid in 2017 for long term care in the nursing home, let’s look at the maximum assets the community spouse can keep.
Let’s remember a few things before we get started.
Medicaid calls your assets “resources”.
The spouse in the nursing home is called the “institutional spouse” while the spouse living at home is called the “community spouse”.
OK let’s take a look at this idea of the maximum the community spouse can keep … (Read more)
Continuing our series on Alabama Medicaid in 2017 to pay for a nursing home, we previously talked about the $2,000 that the spouse (or single person) going into the nursing home could keep. Now let’s turn our attention to the spouse who is living at home — how much in the way of assets can they keep? This is known as the “Minimum Community Spouse Resource Allowance”.
First let’s break this phrase down to understand it.
Minimum… (Read more)
We have talked about income for Medicaid now let’s turn our attention to the “resources” or assets that the person applying for Medicaid can have and still qualify for Alabama Medicaid. This number is also called the “individual resource allowance“. A fancy name of saying how much assets can the individual going into the nursing home keep and still qualify for Alabama Medicaid.
“What is the asset limit in 2017 for Alabama Medicaid?”
“Is this for both
… (Read more)
We previously discussed in our 2017 Alabama Medicaid series that there is a 60 month (5 year) look back period where Medicaid is looking for gifts. But what happens if there are gifts in the last 60 months?
Let’s talk about this and run through some examples.
“What is the penalty divisor for gifts?”
The number is $5,800.
So what we do is take the total amount of gifts and divide that number by $5,800. The answer is the … (Read more)
Continuing our series on Alabama Medicaid in 2017 for long term care in an nursing home, let’s talk about the Monthly Personal Needs Allowance.
This focuses on income, not assets or as Medicaid calls them — resources.
Quick reminder about income under Alabama Medicaid
For the person going into the nursing home, the monthly income cap is $2,205 (anything over that we use a “Miller Trust” to qualify).
If married, we make sure the community spouse (still living … (Read more)