CARING FOR ELDER PARENT = Part 3

As a follow up to my first two blogs on “moving an elderly parent” and planning for their care, I wanted to discuss planning for Veterans Benefits and potential Medicaid Planning which some parents (and/or spouses or even grandparents) if you are responsible for them, may need.

I just met with an ElderCare attorney in Colorado (where my mother was recently transferred to a Nursing Home) to discuss these two issues.  Each state has their own regulations, so I highly suggest that you meet with an ElderCare attorney in your state to learn your options and basic requirements.

Survivor veterans benefits and/or veteran benefits have different minimum net worth requirements than Medicaid eligibility.  In terms of receiving veterans benefits there is also no “look back period” for gifting money as there is in medicaid planning.  The best resource for veteran benefits eligibility can be found on the Veterans Administration website.  You can also find your local Veterans Administration office by clicking on the map.
The average you can receive from the Veterans Administration towards nursing home care is $1,100/month.  In Colorado, you need to have a net worth of approximately $40,000.

Also, many veterans from World War 11 had life insurance policies.  Since my parents really didn’t share their financial information with me, I determined too late (20 years after my dad died in 1991!)..that he had one when I was going through my mothers papers when we moved her from Florida.  There is a 10 year after death stipulation for collecting. SOOO, be familiar with what is in your parents safe deposit boxes! You may find money for the surviving spouse that you would not have thought of.


Medicaid does vary greatly from state to state in terms of what your minimum net worth is. In Colorado, for instance, you can only have $2,000 in your cash bank (certain things are exempt). In New York, you can have $14,000 and apply for Medicaid towards your nursing home costs.  If you think you can transfer assets to yourself for your parent to qualify..think again. There is a look back period of 5 years, where they evaluate all cash gifting, and whatever they find is gifted is counted towards a “penalty” period in which they will not pay. A good resource for finding out how to qualify for Medicaid is through the Medicaid Site.   This is an excellent resource for finding out what your assets need to be.  Of course, contacting your local Medicaid Office and speaking to someone personally can offer alot of information you will need down the road.

Don’t fret, however, if you have not planned for Medicaid planning way in advance.  There are ways to distribute money to qualify for Medicaid by the use of a good Elder Care Attorney who knows the state laws, and how to be able to “save money” for the family, while taking care of your parents financial needs if they are in a nursing home that qualifies for Medicaid.

If you don’t have a friend who knows an eldercare attorney in your area, I use Lawyers.com as my resource. Can put in specialty area and location and come up with a list to review.

One important exemption for medicaid planning that you and/or your parents can take care of now, is that pre-paid funeral costs, no matter how elaborate, that are put into an irrevocable trust are not included in what they look at as assets.  Also, I found, that the costs for funerals today have dramatically gone up since I buried my dad in 1991.  May want to check that out and pre-pay now.

For those who live in Westchester County and want to find out more about Veterans Benefits or Medicaid, here are the local addresses/phone #’s.

Westchester County Vet Center
300 Hamilton Ave
White Plains, NY 10601
914-682-6250
Westchester County Medicaid General Info
112 E Post Road
White Plains, New York 10601
914-995-5468

I know for some it is awkward to discuss with parents their financial assets, and thoughts on their care down the road, but it really does make caring for a parent when the needs arises alot easier to know your parents assets, whether they have rights to veterans benefits and/or insurance policies and whether they will need to utilize Medicaid as a supplement to taking care of them long term. It can take up to six months to a year for Veterans and up to six months for Medicaid Planning.

Luckily I have a good Elder Care Attorney in Ft. Collins, Colorado advising me in the event I will need to apply for  these services in a few years