I am soon going to be starting the Medicaid application. I have contacted my financial advisor so I do know some of what I need to do. Some additional questions I have is: I need to cash out my annuities, which means I will take a penalty plus have to pay taxes. Does anyone know if they can deduct the taxes at the time I cash it in. Since I work from home I pay quarterly taxes and am hoping that I can do this so I will not have a huge tax bill next year. Also is there a minimum amount they allow you to keep for monthly expenses? My home is not paid off yet. Would I be able to keep any of my husband's SS or does that all go to the NH no matter what.
This decision had been a long time coming but I am convinced it is the best for all concerned. Happy Valentine's day everyone.
CO2, not sure where you live. I live in Texas and was able to apply for Medicaid under the "Community Spouse" rule. We had assets so it took awhile. I was able to keep my husbands SS check because I living in our home. The paper work is mind boggling. I was able to keep half of most of our assets. Good Luck!
CO2, I was fortunate that when I had to place DH in the Veterans Home the lady who does the billing gave me all the paperwork for Medicaid, told me to go home, look it over, gather the documents I need & to come back & she would help me fill out the paperwork. It can be confusing, but she helped me fill it out.
You might want to consider an eldercare attorney. They will help you preserve your assets. Laws change every year and vary by state. I know people who have converted their 401K plans to annuities to protect their money, I don't know if you need to cash yours. But again, I am not a lawyer, you need an expert in Medicaid in your area. They can also help you negotiate with Medicaid.