|
|
|
Forum Newbie
Group: Forum Members
Last Login: 8/16/2008 12:25:31 PM
Posts: 2,
Visits: 0
|
|
| we are preparing to apply for VA (probably aid and attendance?) benefits for my mother inlaw, who is a surviving spouse of a veteran. She needs a personal care or assisted living facility with dementia care. She does not need skilled care, thus is not a nursing home candidate. She lives in and owns her home. She needs the VA assistance to afford the AL home selected. Forms will go to VA shortly (this is round 2 with VA). Our understanding is that VA will qualify her based on her current living arrangements (own her home, don't count that asset). Once in AL, the home must be sold to pay for AL. At that point VA benefits end because sale of home proceeds are now in the bank and not in a home. Once that money is spent down, we reapply for VA benefits and new determination is made. Question is, does a medicaid qualified annuity also apply as a VA qualified annuity? The sale of her home will only generate a small amount. If her money has to be spent down (after setting aside funeral fund), there won't even be enough left to pay for non covered items at the AL home (balances after dr., rx, laundry, allowance, etc). Mom lives in PA. Any insight/suggestions are appreciated. Thanks, edandlo
|
|
|
|
|
Junior Member
Group: Forum Members
Last Login: 9/20/2008 4:31:30 AM
Posts: 15,
Visits: 0
|
|
| this plan is actually very flawed. There is no need to go on and off the VA benefit. There is a correct method for handling the home and the resulting cash. Mark John Crews
Mark John Crews
Strategic C.A.R.E. Planning(C)
|
|
|
|
|
Forum Newbie
Group: Forum Members
Last Login: 8/16/2008 12:25:31 PM
Posts: 2,
Visits: 0
|
|
| how is this plan flawed; what is the correct method? This is how the VA forces it work, according to VA. The only difference that I have learned since posting this is that VA allows beneficiary to have $80,000 from sale of home without affecting benfits. Above that, the benefits are discontinued until spent down to $80,000. thanks, edandlo
|
|
|
|
|
Junior Member
Group: Forum Members
Last Login: 9/20/2008 4:31:30 AM
Posts: 15,
Visits: 0
|
|
| you said" Once in AL, the home must be sold to pay for AL. At that point VA benefits end because sale of home proceeds are now in the bank and not in a home. *****THIS IS WERE YOUR FLAW IS> *******Once that money is spent down, we reapply for VA benefits and new determination is made. Question is, does a medicaid qualified annuity also apply as a VA qualified annuity? The What is a "VA qualified Annuity" !!!!!!!!! there is no such thing. 1. VA is NOT Medicaid. Now it is possible in some states to reicieve VA & Medicaid(Medi-Cal) in Assited Living at the same time. 2. VA allows for the money to be given away WITHOUT anylokback or penalty. So why would you just 'hold on to it and spend it just to lose VA???? And why buy an annuity? Anyone telling you that you cant gift is wrong. If you do need mediciad down the road for a nursing home, then address the gift problem then. 3. There are Annuity Marketing Companies who are pretending to be VA experts just to sell annuities for the excsee cash. They are acting in an unethical mannor. Once you buy the annuity, where will you get the xtra money if the cost of the AL goes up? 4. plus the money from the annuity now goes to share of cost if the vet nedds medicaid to pay for a nursing home. 5. I have already seen this in CA and can see a nice class action suit developing.
Mark John Crews
Strategic C.A.R.E. Planning(C)
|
|
|
|