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If I should ever need to go into a nursing home, I hear that they take everything that you own. My question is, How do I protect my Annuity from the nursing homes ?

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I'm not sure what you mean by "take everything that you own". When you need care, you have to pay for it, and if you have assets, those assets are used to pay for your care. Once your assets are used up, then you can apply for Medicaid which is a program for the destitute that pays for long term care. Were you thinking nursing home care should be free?

Angel
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Don't you pay today for your own house & healthcare? Why on earth wouldn't you continue to do that when you need nursing home care? As I tax payer - before I foot the bill for you - you need to pay what you can with the assets you have. if you don't like it - don't go into the nursing home.
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glorygirl51 - Oh dear, I do hope there is no way to protect your Annuity. Didn't you save the money in that Annuity for your retirement and a rainy day? Well, when you go into a nursing home it means you're totally retired and it's pouring outside. Time to use that money...cause you're simply not entitled to use my tax money to pay for your nursing home so you can save your Annuity. Sorry if you thought otherwise.
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If your monthly income without your annuity is enough to pay for a first-class nursing home, you are lucky! The nursing home can't take more than their customary fees. If you have some left over each month, hooray! They can't take it all just because you have more.

But nursing homes are pretty expensive, and they do expect to get paid. If you don't use your annuity, will you have enough from other sources to pay your way?

What would you be saving your annuity for? Isn't it for your needs?

Anyway, if you are thinking of trying to protect some of your income and still be eligible for Medicaid, you can consult an Elder Law Attorney. If that time is some way off, the rules that apply now might change by then. But that is the best you can do.
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The only way I know of is to purchase a good long term care plan that will pay tge costs for a period of time. Do not start giving your assets away. If you need Medicaid within five years of making a monetary gift or deeding your home to someone else for less than market value you will be penalized an amount equal to the gifts when you are Medicaid ineligible.

See an elder law attorney to discuss Medicaid planning, preparing all documentz you will need and what sort of care options there are available, the costs and what planning you need to take care of now.
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After being stunned by the cost of Mom's NH, I did some research myself on what happens when I get to that age. Basically, you are asking how to protect some of your assets so you can leave some to your children? (that is why I was researching)
If you go to a NH, you must pay out of your own pocket until your assets reach a certain minimum (can't remember) After that medicare kicks in.

You should consult with an estate planning attorney for specifics. I'm not at that point yet, but as far as I can determine, there is long term care insurance (expensive and won't pay for everything and I can't afford) or do an irrevocable trust because that is the only funds that are not counted in your assets. That is because once you put something in an irrevocable trust, someone else controls it, not you. And you cannot access that money yourself, and you cannot change your mind and revoke it at a later date. I'm not ready to do that!
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One small correction to AmyGrace's post...when your assets run out MEDICAID takes over, not Medicare. Medicare does not pay for Long Term Care.
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I care for my mother and I purchased a home under my name where she could live comfortably. I unknowingly one day was over to visit when I found a man sitting with my mother at the dining room. I stood there listening, "and you have had this house in the family for how long?" He asked. What he did not know is that I had purchased the house and it was in my name and he had mom answering questions and my mother already showed signs of dementia and Alzeimer's. I interrupted and told him that the house had never belonged to my mother and I, her daughter, had purchased it. He had already asked her numerous questions and he closed his tablet after I told him it had not been in the family. This worried me. I found out the same thing, that if a person has property under his/her name, the property is taken away after the person passes away, only if, the person has not transferred it or sold it within five years of being placed in a nursing home. I had no idea that this even happened. When I saw the man asking my mother, a person who could barely remember my name, questions about property ownership, that bothered me, but I understand too that they have to get paid somehow.
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Primardie, who was this man?? A scam artist? A salesman? And a point of clarification -- nursing homes don't take away the property after a resident passes IF the resident paid their own way in the nursing home. For those unable to pay their own way, Medicaid is a safety net. Medicaid comes from citizens' taxes. So, I am with the early posters on this question, everyone pays his/her own way and Medicaid is a safety net for the indigent. And, for those who are shocked by the cost of nursing homes, please consider assisted living. In my area, it is half the cost of a nursing home and (in general) a more pleasant environment. I had placed my Mom, MIL and aunt in assisted living facilities. They were all able to do private pay. Two are gone, MIL is still in one.
YES, it was mind boggling paying $7000/month for end of life care. Then I deducted whatever they would have paid for their previous living expenses --- rent or property taxes, food, insurance, cable, utilities and realized it wasn't so-o much. And one more thought, personally, I would easily prefer to do private pay when my time comes and to have a choice of facilities. The private pay places in my area are head and shoulders above those that take medicaid!
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There is so much misinformation and; my experience is that people tell you a story that will make you sympathetic to their situation; not necessarily facts. Neither nursing homes or the government 'take' anything from you. If tax money paid for your nursing home/home care once you pass away the state has right of recovery. The estate sells the assets off and, repay the state for funds paid on your behalf. The state gets their money back before heirs get anything. It has the same net effect as if you sold the assets while they were alive and used the money for their care.
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It sounds like you need to read up on the basic rules on how to pay for the nursing home, what are exempt assets and what are not, what the state can take after the nursing home resident on Medicaid passes away, and what are the planning options available to you. That is exactly what my book is about, and I encourage you to get a copy for yourself. It is called "How to Protect Your Family's Assets from Devastating Nursing Home Costs: Medicaid Secrets".

There is also good, free advice on this website, including a number of articles I have written. I encourage you to begin your reading!

As for whether you should use your own money to pay for the nursing home or avail yourself of Medicaid, that is a personal decision. As for me, I never want to pay voluntarily more tax than is legally required, so you probably do not want to pay more to the nursing home than legally required, either, but that is up to you.
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We are self-insured for the expensive costs of the "golden years." Health care costs for myself and for my loved one doesn't cost me anything. I simply take it out of our children's future inheritance.
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Here's a GREAT reason you don't want to pay for nursing home care yourself: even the good ones are understaffed. Your loved one's teeth will never be brushed, let alone flossed. God help the person if they can't speak for themselves, they will be abused and the nursing home will get away with covering it up. If you're in diapers, you will spend hours on end sitting in your own waste before they get to you (see: understaffed, above). The care you receive from people who just don't care, are overworked and underpaid, will be *rough. Often, the food is horrible. These places smell, I mean, really smell. The dignity you used to have, gone. Even the "good" ones. And if you complain, there will be retribution. I have a friend whose mom was neglected because of retaliation. Her mother's privates were covered with sores and after she fought and fought and fought to get her sent to the hospital for *real medical care, she died of a massive infection. In NY, it costs $12,000 a month to live in a nursing home. Why would anyone in their right mind come out of pocket for this?? I'm 43 and I hope to not LIVE long enough to need NH care after what I've seen. I have no heirs, no one to leave my assets to, and you can bet that if that day comes, I'm hiding EVERY BIT of my money and going on Medicaid and hopefully pay nothing if I do it right, because that's what this care is worth, NOTHING. Let my (over-)tax(ed) money cover it!
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I think that if nursing home costs were commensurate with the service actually provided (and no, I don't care about their price-of-doing-business-costs like insurance; if they didn't KILL people so often their premiums would be lower!), more people would see the logic of just paying it instead of hiding their assets and going on Medicaid. So, let's look at what they actually provided. doctor's and nurses services and meds are covered by your medical plan, so that's not going to be included. So, we have an SRO with a shared bathroom. That's worth $150 a month. 3 cafeteria-style meals a day (often cold). 30 dollars a day (900 dollars a month), 40 minutes a month of housekeeping (@$20 an hour) so roughly $16. 30 minutes (that's being generous!) of an aide's time a day billed at $25 an hour. $375 a month. Laundry service (if elected) $80 a month. That comes to $1521 a month!!!

When you go on Medicaid, the nursing home is entitled to your ss check, pension, etc. any retirement money on a monthly payout. With that, most residents are paying for what the service is truly worth.

So again, why would anyone in their right mind over-pay for this?? And as for "your" tax money going to pay for someone else's care, the thought that if everyone were paying their own way, the government would NOT take your tax money and squander it in a different way, is naïve. So, there's really no net loss to you.

I think we should ALL figure out how to hide our assets. After what I have seen and experienced firsthand, nursing homes are worse then prisons. There was a meme that came out a few years ago comparing nursing homes with prisons and concluding that we should put the sick and elderly in prisons and murderers and rapists in nursing homes.

And if you have a great nursing home that's clean, that's showering your loved one and brushing their teeth, that's NOT union, where the person is treated better than an animal, private mail me the name of it and the city. I'll move my mother there.
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There are certainly as many opinions as there are NHs. My FIL received excellent care at our county run facility. He went in after an illness and, when he was fully recovered and cognizant made the decision on his own that he'd like to stay if we could find a way to pay for it. Medicaid was his only option after a life time of poor financial decisions. We have no problem with the state recouping their cost for his care.
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I must say I'm very taken with the idea of putting murderers and rapists in the old-fashioned type of nursing home. Crime rates would plummet!
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Churchmouse, and perhaps the nursing home residents should go to a facility like Club Fed, with more amenities than most nursing homes have.
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If you want to protect your assets from medicaid nursing home recovery, you need to see an elder law attorney and get assets out of your name.
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as much as I hated to see my mothers savings go to the nursing home, I have to admit that they are taking much better care of her than we could have done.I always said that her money was there to provide for her if she needed care that the family could not deliver. The NH staff is wonderful to her; she has not been in a hospital in over 2 years because they are on top of what is happening to her and when her condition concerns them they call the doctor and get it taken care of. They cater to her food preferences; she is 97 (today) and they planned a little birthday celebration for her. They treat her with dignity and respect--even when she is forgetful or confused. She is confined to her wheelchair or bed and has no bedsores - her skin is perfect. They call me (her healthcare proxy) every time her meds are changed or a doctor or therapist has been in to see her. We were concerned about her blood pressure (it was up and down) and they called me with the readings daily until her medication kicked in and it normalized. They call me with her biweekly weight and we discuss supplements to her diet. I know not all nursing homes are good but this one really cares. She went on Medicaid in April and they normally move the patient to a semi private room. I met with the administrator about this and he told me that due to her age and her declining health he would keep her in a private room as the move would most likely be upsetting to her. I only wish every person in a nursing home could have this type of care.
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bettyb21, that sounds like a nice Nursing home indeed! We are entering into the researching senior care facilities stage with our LO, and I only hope to find one as responsible and respectful as you have! We do want the best for our LO!

We are fully prepared that ALL of my FIL'S monies, savings, CD's, pension, and SS will need to go towards his care, and that is fine with us, Nursing care is so expensive, no matter which route you take, and I believe that in these times where family members hope to receive any Inheritance, is fast coming to an end, unless people are prepared to care for their LO in their home until they pass away, which is next to impossible these days as people live longer and longer, or their parents are Rich, or generationally wealthy. We have to expect to pay out All of our monies until they are gone, and then hope for the best, on Medicaid. Hopefully things will improve for us all, as more and more Seniors enter into the Nursing home realm!
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I certainly have sympathy for those who want to preserve assets. I have taken steps to do that for myself and my husband. But it's not the government's fault if you end up in a NH. Who is there to blame but God, who according to some, makes all decisions? Maybe it's God's will that all your assets go to the NH or to Medicaid.

Sorry, but if they can quote Bible verses at me, why can't I go all sarcastic once in a while? :)
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I need to eat 3 pounds of DARK chocolate right away, so that I can digest the horror stories I´ve read about NH. Or better yet, I have a bottle of Chocolate Liqueur in the fridge...........I will BRB = Be Right Back!

Hick!

M 8 8
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Nursing homes vary, and people in them who have involved family or friends are most likely to get decent care, though it is true that dental does not always get done so well. They let my mom do her own teeth and did not notice when she quit. I did have to get her to a dentist myself and have some work done, and they did start to help her with that routinely as well. I did her toenails, though they had someone who gave manicures and haircuts. It never smelled bad at all, in fact it was a bit antiseptic for my tastes, but Mom liked that better than the homier one we had tried first.

The "nicer" one that Mom liked was Valley Ranch in West Little Rock, I've heard things may have gone down hill there. The one I liked was Lakewood in North Little Rock on McCain Blvd. - I've decided if I ever need one that's the one I want. Prices were reasonable, they had a therapy cat or two roaming about, people were up and about, and it was pleasantly busy and chatty. I remember one called Southern Nursing Home in Prescott I had occasion to visit a patient in soem years back that was like that too - kinda "low-rent" but nice people and nice atmoshpere, encouraging people to be up and about. Some friends were happy with Chenal Rehab and Chenal Valley both the rehab and skiled nursing sides. We do have several others, some with bad reputations too though. One that I thought was terrible - people getting bad sores, not being turned, unsuitable equipment in use everywhere closed down and reopened with a different name, had no occasion to ever have checked into it again to see if it was any better. You really have to look around and do some impromptu tours of places and be willing to switch if one is a bad fit.
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Geewiz, i assumed it was the nursing home who sent him. As of recent, my mother is back at a nursing facility due to Alzeimer's and dementia progressing at a very fast rate. I think the meds are to blame for that. She was so far gone from September to March, she could not remember who I was. All of my dad's social security check goes to pay the nursing home. Then, in March, I start giving my mother a product that has helped mom come back from this horrible disease and mom asked why my dad's whole social security check was being used to pay the nursing home if that was money that dad left her. I think it's funny, because she remembered that she had money coming to her from dad's social security and she prefers to go home instead of losing her check to the nursing home. Unfortunately, mom is not well enough yet to go home. She dislikes knowing that she now has no check coming to her and is now aware that she is in a nursing facility. I agree, when we are up in years, we need to pay for the service we will receive, but if mom continues to improve, I will move her back to the house I purchased for her and have a home provider tend to her again and send her to the daycare so she can start socializing again. Her memory is coming back, so I most definitely want to provide her with the best option for her to continue enjoying her last years on this earth. Being in a nursing home is fine for anyone who needs 24 hour care when a person can't care for themselves and they are so far gone that they become a danger to themselves. Mom ended up in the nursing home, because I think her meds were not being given to her like they should and she would end up in the hospital two or three times a month, because she would get dizzy and fall out of her wheelchair. The doctor from the hospital told me that if mom ended up in the hospital one more time then he was going to call Adukt protective services on me. Well, he still called them. Mom had been fine for a little bit, no incidents, but then she got worse and worse and she broke her ankle after dropping on it from her wheel chair and she could not even feel it. She was too far gone that putting her in a nursing facility became inevitable. Hey, I was not going to take her to the hospital and have the doctor on my case again. She totally lost it, had no idea where she was and started in the alziemer's unit, she was too far gone. It is a huge difference right now compared to when she went in and her improvement in the last three months has been major. I think we need to prevent ending up in a nursing home, protect our memory. Mom has no memory of having been in the nursing home since last September. She cannot believe that she has been there 10 months! She has recall only of the last three months. It is scary. She wants her check back...lol She wants to go home. I will try to do what I can.
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@bettyb. PM me this nursing home information, please...
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Someone mentioned a product that helps memory. Could you mention it again please.
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Yesterday I visited my mother at her NH. Mom was probably in the worst condition I've seen her in - I mean mentally and physically. Even though mom was in and out of sleep I stayed as I usually do when she's sleeping and tidied up her room, refolded her clothes, took note of what I needed to bring next time in the way of supplies etc. But as I would look over to my mom I couldn't help but feel the end is close. My mind automatically clicked over to the practical- a defense mechanism, I think - and I started to think about what would need to be done to clear out her room. As I was doing this one of my moms usual aides walked in and asked me how I was doing - we stepped out in the hall and I told her I didn't think mom had much time left. This sweet, caring woman put her hand on my arm and said "don't worry, we're taking good care of her". It almost was my complete undoing. And, I know that they are. Not all nursing homes are bad.
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Rainmom, it is strange when we take care of our folks how just a simple acknowledgement that someone is interested in how we are doing and they are taking such good care of our folks how that will turn us into puddles. That someone else knows and understands an has the compassion to say it goes such a very long way and is so appreciated. I wonder if these sorts of people know and understand how much it means to us.
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Great question - broad answer. There is much well intended mis-information that's openly provided. There is NO cookie cutter template. There are many variables to consider which will determine the outcome. The very first thing once you have your arms around the total assets, is to understand there are state and federal laws. If there is a large asset base, DON'T look for an estate planning attorney, look for a strong eldercare attorney. There is a difference. There are questions that you need to ask attorneys, funeral directors, nursing homes, financial planners, even siblings. There is a book that provides a roadmap, action plans, questions to ask the professionals called "Navigating the Eldercare Journey...without going broke!" It's on amazon - you may find it helpful.
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If available in your state, you could do a transfer on death for your home. My bio dad did this in 08 but they became unavailable in Ohio in 09 from what I found out. If you have a life insurance policy, make sure to change your beneficiary within a timely manner, and make sure your will is taken care of so that the nursing home can't snatch anything that supposed to be protected by a will.
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