MEDICAID CASE STUDY:
MARRIED COUPLE WITH ONE SPOUSE GOING INTO THE NURSING HOME
MEET ARTHUR & MARY
Arthur was recently diagnosed with dementia and is facing a nursing home that costs $8,500 per month. His wife Mary worries that paying the nursing home bill will deplete their life savings. So, she meets with a local Elder Law attorney to learn about their options to qualify Arthur for Medicaid benefits.
Arthur's Age: 81
Mary's Age: 78
ARTHUR'S MONTHLY INCOME
TURN THE COUPLE'S "EXCESS" COUNTABLE ASSETS INTO AN INCOME STREAM FOR MARY.
Mary is allowed to retain up to one-half of the couple’s countable assets, not to exceed the maximum Community Spouse Resource Allowance (CSRA) of $137,400. Arthur is allowed to keep $2,000. So, Medicaid will tell the couple they must “spend-down” $160,600 before Medicaid will pay Arthur’s nursing home bill.
IMPLEMENT THE PLAN
Instead of “spending-down” the
$160,600, an Elder Law Attorney can convert it into an income stream for Mary because Mary’s monthly income does not “count” when determining Medicaid eligibility for Arthur.
APPLY FOR MEDICAID
Converting the couple’s “excess”
countable assets into an income
stream for Mary will make Arthur
immediately eligible for long-term care Medicaid.
Medicaid pays Arthur’s nursing home bill each month, and we saved $160,600 for Mary.
Excess Countable Assets:
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* All situations are different. These strategies require a very specific type of planning. For protection of your family, please work with an experienced Elder Law attorney.