All he has left is the house that I'm living in but I've got to sell it sooner or later because I can't keep up with the taxes. Once I sell it, the nursing home gets all the proceeds. If he dies and there are still proceeds left over, the nursing home gets half and me and my sister get the other half.
For those of you clueless so far about the financial aspects of nursing homes, the resident has to use up all their assets before medical assistance can kick in. I'm talking all investments, iRA's, even have to liquidate their life insurance policies. Mom and Pop are allowed to keep $2400.00 for funeral expense. I don't think you can buy a pine box for $2400.00 any more.
And when it's time to apply for medical assistance, get ready to go through and provide financial records for the past 3 years. I mean every sheet of paper with a dollar sign on it.
Have fun!
Most people are on the public dole, I'm afraid to have to say.
In the "old days," having the taxpayer flip for anything used to be called, "Welfare."
But not anymore, not in this day & age of thinkspeak.
"My dad's monthly rent at the nursing home is $4800.00 a month. Ate up his savings many, many moons ago."
I'm sure it did; but, this also tells me a whole bunch about what kind of a man your father is, too.
He's an honest man, one who lived his entire life by working hard while never taking a handout.
~eh?
Without becoming enmeshed in a debate beyond the scope of what this article tries to point out, let me say given how your father lived his life, and, according to your own words?
You must be one hellova fine, decent, and honest person, yourself.
One of the few truths in life says, "The apple doesn't fall far from the tree."
Also, one other thing.
It may be just semantics butttt, your father wasn't paying, "rent."
What he was paying for was a clean heated room with staffed 24&7 nursing care, 3 squares a day, clean bedding, clothes & other assorted accessories and of course meals & medical treatment, PRn.
Moreover, I can assure you whatever state you live made damned sure he recieved what he was paying for -- via -- periodic suprise inspections from the Health Dept and at least one thorough survey per year from the Feds on every aspect of the business ranging from soup to nuts.
The surveyors leave no stone unturned.
Expensive?
You bet it is, make no mistake about it.
So what you're saying doesn't fall on deaf ears, you can bank on that.
"All he has left is the house that I'm living in but I've got to sell it sooner or later because I can't keep up with the taxes. Once I sell it, the nursing home gets all the proceeds. If he dies and there are still proceeds left over, the nursing home gets half and me and my sister get the other half."
So how do you feel about those elderly who cleverly divested themselves of all their assets & then, throw themselves at the public's [read: you & I] mercy while the kids enjoy the finest in housing, food & transportation -- in accordance to their "windfall" & YUPI lifestyle -- when there were honest men like your good father who played "the game" according to the rules & paid his fair share?
Feel screwed?
I sure do.
"For those of you clueless so far about the financial aspects of nursing homes, the resident has to use up all their assets before medical assistance can kick in. I'm talking all investments, iRA's, even have to liquidate their life insurance policies. Mom and Pop are allowed to keep $2400.00 for funeral expense. I don't think you can buy a pine box for $2400.00 any more.
And when it's time to apply for medical assistance, get ready to go through and provide financial records for the past 3 years. I mean every sheet of paper with a dollar sign on it."
Yup.
And that "Past 3 year rule" is a relatively new law, too.
The Feds want their money, first, then, they disperse said money according to what they say they're going to pay, & not a dime more.
Now whether the nursing home loses money or not, the government couldn't care less as their position is, "That's your problem."
Some "business," huh.
Having said that, may I ask you who you believe wrote everey word of the existing rules?
Fact is, the nursing home your father's in -- & just about every other elderly patient -- is probably running in the red; UNLESS, they've a preponderance of "Private Pay" residents.
PP's are a scenario which is becoming more & more rare with every passing day too, I might add.
"Have fun!"
...that's life, I'm afraid.