Posted on 02/01/2013 7:23:13 PM PST by patriot08
A school friend and I have sort of a little project going to try to help the elderly.
We know this lady in her late seventies who needs help with life choices, finances.
She has no family. She is not in good health with several health problems and expects to be around maybe a year or two more at most.
She earns about $14,000 per year in Social Security. She has about $53,000 in stocks- mostly Walmart. She has about $4,000 in a retirement and checking account. She only owes a couple of thousand on her car. That's the extent of her debts. Car payments are around $200.00 a month. Medicare supplement is around $200.00 a month
She has recently taken a rent controlled apt for seniors that will cost $451.00 per month plus bills. It's very nice with all kinds of amenities for seniors.
I asked her how she would make it on her limited income. She said she had too much in the way of assets to be given HUD housing, food stamps and all the other things really poor seniors get, so she planned to 'live it up' for the time being, and spend it down (her assets) until she qualified for all the stuff destitute seniors are awarded.
I don't know quite what to tell her, so I'm going to the smartest people I know- Freepers.
Please don't judge her too harshly. She has led a good Christian, productive life (retired nurse) and is really a nice lady.
Sound advice. Thank you.
The Walmart stock would cover 10 years rent.
Using the SS income for car and medicare payments would leave about $750 for food and entertainment and so forth. After the car is paid off, there will be an extra $200 per month to burn.
Looks like a comfortable setup, until 10 years from now.
Thank you.
I really appreciate all the good advice and positive input by my fellow FReepers.
I’m sure the lady will feel much better about it all.
First off, not knowing the Medicaid laws in Texas (each state has their own), I’d help her to make sure her SS income does not exceed the qualifications for a nursing home should that come into play. Her health could turn on a dime, and she needs to know the specifics.
Whatever she has, make sure she spends it on herself and her needs as that could affect Medicaid look back. No gifts to anyone that could ding her for future NH care. Spend it on dental care (Medicaid doesn’t cover much), eyeglasses, clothing, shoes, and anything healthcare related. A pre-paid funeral plan is also a very good idea, not a fun one, but essential. She also can pay off her car as that is an asset they can’t take as long as there is a reasonable expectation she will be able to use it.
Hate to be a wet blanket on fun ideas for spend down, but that’s the reality.
I haven’t been through the Medicaid mill myself with my parents, but private care, and I’ve learned a lot at agingcare.com. Post your question there and people local to your question will be able to help you help your friend.
Great idea! She has a good retirement income for living in some interesting places.
Where else besides Thailand can someone live well on $2,000 per month?
So true.
There was a woman I worked with ages ago who had a sign up with a similar sentiment. I can’t recall the exact phrasing but it was along the lines of “When I die, if I have more than $1.00 to my name then I will have grossly mismanaged my assets.”
Wish I could remember the exact quotation.
depending on her lifestyle, she could probably do fine with an additional $3-4 hundred dollars a month, and her money will then last a long time...afterwards, she'll have to throw herself on the mercy of the govt........
She should find a lady in her 60’s in a similar situation and setup a household with her. She could stay independent for more years.
What are her medical problems?
Thanks for the info.
I know among her ailments are a heart condition and arthritis.
Now that’s a idea.
She may die in a year or two or have to go to a nursing home or she may not. Look into the best geriatric medical care for her issues. She will need to spend down if she goes to a nursing home before being eligible for Medicaid. Look into ‘Affordable Assisted Living’ in your area, better quality of life than nursing home.
Thanks to all my FReeper pals for your tips.
Keep ‘em coming.
You’ve been very sweet and helpful.
not sure what state she lives in, but in Texas we have VERY nice Texas veterans homes and if she’s the widow of a veteran, she can go there if she declines in her health...
Before she uses up all her savings, convince her to get to a attorney to draw up a simple will and living will.
That’s the best thing you could do for her, that I can see. Besides being her friend.
Before she uses up all her savings, convince her to get to a attorney to draw up a simple will and living will.
That’s the best thing you could do for her, that I can see. Besides being her friend.
I think she has a great plan. Kiss her on the cheek and wish her well.
That's right. Tell her she ought to go out get a damn job! (Sheesh!)
Vegas....
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