Was your mother or father a veteran? There is an assisted living benefit for veterans and their spouses. It was around $1k a month for my co-workers mother.
What happens when the money runs out?
I'm sorry about your mom.
Unfortunately, this is what happened with my grandmother. She and my grandfather held onto their money over the years instead of gifting it to my mom. Long story short, everything they saved went toward the nursing home until there wasn't anything left. Once that happened, Medicaid kicked in and picked up the tab. I'm assuming that's what would happen to your mom once her money ran out.
[This message edited by tryingagain74 at 8:05 PM, May 7th (Tuesday)]
Well, my father was in a nursing home for six years before he died. He had a stroke and never walked again, needed assistance to go to the bathroom, etc. Was practically blind and deaf. Absolutely no quality of life but he had no living will and I don't think there were any discussions about taking him off life prolonging medications.
But when the money "ran out" they suddenly decided there was no point in continuing with the "life prolonging medications." And he died a few months later.
He was a veteran but it did not matter. There was nothing left when he was gone.
My mother was not wealthy, but she had around $8,000 hanging in her non-interest bearing checking account when my sister took over handling her bills. She had been slowly sinking into dementia and didn't realize she had that money in her account.
My sister had her sign it over to a money market account with both our names on it. It was done a few years before she started needing round the clock care. Her retirement check and SS went straight to the nursing home and Medicaid took care of the rest.
Nursing home care is incredibly expensive. As everyone in our family works full time, we could not take care of mother in our own homes.
We used the "stash" money for things that Medicare/Medicaid did not cover, i.e., false teeth, some medical devices not covered, and transportation 30 miles to and from her Dr. appts.
She had pre-paid for her funeral, as Medicaid does not allow someone to hold an insurance policy while receiving benefits. It is considered an asset.
Check with your local Dept on Aging - either at the county or state level. They should be able to help guide you.
I'm in Canada, and in Ontario seniors (IF they can get a spot) pay a max. of $1800/month (includes meds, food, care...pretty much everything). And, because she worked as a civilian, but for the war effort, our Dept. of Veteran Affairs paid her rent. A private room would have been a few hundred more, and my brother and I were going to cover that.
In the end she only had a few thousand dollars in her bank.
While we were waiting for her space in a care facility, the DVA (Dept. of Veterans Affairs) paid for her hospital bed at home, and 12 hrs/day care,(meds covered 100% by DVA for decades). It was an amazing blessing. With cutbacks I don't think they offer all of this now.
[This message edited by JanetS at 9:48 PM, May 8th (Wednesday)]
She will have to spend down her money, and when that is all gone she will go on medicaid, and that will cover the cost of her living in a facility.
If she has funds now, and you are looking to place her now, make sure you shop homes, and see if any have Memorycare units, or Alz units. These are usually kept quieter, and focus more on helping the demented patients function without turmoil and upset. Many in my area do a fabulous job.
When looking into that, you also need to ask will they move her when her money runs out? Many of these units are not liscenced for Medicaid, ie the facility makes a lot more $$ on private funds than on medicaid $$ so there is no incentive for them to do it.
Lastly what is her quality of life? Has she lost 10% of her body weight in the last 6 months, is she so demented that she can no longer be ambulatory? If so then you may want to consider Hospice. This does not mean that your mom is going to die today or tomorrow, and Hospice level care within a facility provides a little more love and support to the patient and the family. If they are declining, and not eating well they will meet the requirement for it. This also means no more hospitalizations, no more aggressive care. It does mean a focus on quality vs quantity, and you have the right to revoke it at any time with no penalty to you or her. PM me if you have other questions or concerns. I have been working Care management with the senior patient population for several years now, and may be able to answer some of you questions.