Worried you’re at the end of your rope? These resources may help.
Spousal Impoverishment
A spouse who remains at home after placing a spouse in a facility that accepts Medicaid can keep a certain amount of assets (up to $101,640 in 2007, but each state can vary) as well as the house and car. Visit here to learn more: http://www.cms.hhs.gov/MedicaidEligibility/09_SpousalImpoverishment.asp
Local Organizations
Your local Area Agency on Aging can be a gateway to help. United Way funds community programs and services so the staff may be aware of programs specific to your community that can help. Easter Seals also may offer help.
Reverse Mortgage
If your care recipient owns a home, he or she can borrow against its value to pay for care. You’ll want to consult a financial planner to discuss the ins and outs of this option. AARP has great resource page on the pros and cons: http://www.aarp.org/money/revmort/revmort_basics/
BenefitsCheckup
Your care recipient may qualify for programs and services in his or her community. Visit www.benefitscheckup.org to learn more.
Veterans Benefits
Benefits to eligible and enrolled veterans can include geriatric evaluations, adult day services, respite care for you, as well as home and hospice care. To learn more, visit http://www.vba.va.gov/
In addition, the VA offers a Special Pension with Aid and Attendance (A&A) to assist veterans and surviving spouses who need help. Visit here for help in qualifying for the benefit: http://veterans-express.com
Budgeting Help
It can be overwhelming to manage the finances for two households. The services of a financial planner may be a wise decision—helping you to save, grow and manage the money. To find one, visit here. Even if you’re not in the market for a financial planner, this site has valuable information.
Recommended Reading
–The 9 Steps to Financial Freedom: Practical and Spiritual Steps So You Can Stop Worrying by Suze Orman
–How to Care For Your Parents’ Money While Caring for Your Parents by Sharon Burns and Raymond Forgue
–Eldercare for Dummies by Rachelle Zukerman
–The Complete Eldercare Planner, Second Edition: Where to Start, Which Questions to Ask, and How to Find Help by Joy Loverde
Websites
Elder Law Answers: http://www.elderlawanswers.com/
Medicare (the insurance program for persons 65 years of age and older): http:/www.medicare.org
Medicaid (a program that helps persons with a low income, regardless of age): http://www.cms.hhs.gov/home/medicaid.asp
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Resources to Help Your Care Recipient
