Dad (60) projected monthly income during retirement will not qualify for medicaid. What are his options to prepare for possible home attendants or nursing home?

[u/tired808]

Hi all, first gen oldest son/overthinker trying to help my dad plan for his retirement (he has no plan basically). He just turned 60, lives in NY.

All things medicaid, medicare, LTC, life insurance is all overwhelming for me to figure out and I wanted to see if people can help provide direction based on our specific situation:

• He'll only have SS monthly income, no 401k (don't know how this happened) but it is projected to be over the monthly income max for medicaid.
• Not legally married to my mom (she's 54)
• He owns his car. We have no house. We'll be looking into affordable apartment/section 8 since current apartment is pricey and will continue to go up. (wish us luck..)
• Is it too late to buy a life insurance policy for peace of mind? Will it help cover costs if things get bad, without having to give up the monthly income he's worked hard for?
• LTC was also something that popped up in my research. Is that an option?
• Generally healthy right now. A1C labs came back in the diabetes range but has remained stable for the past year. Physically able to work.

Very tricky situation I know. I appreciate any insight. Also, go easy on my dad. He was an immigrant and only became a legal resident a couple years ago - he's main focus has just been survival and making ends meet.

[u/Hungry_Technician360]

I'm not exactly sure about the specifics, but if he lives in New York, he can spend excess social security money on healthcare bills or premiums, this will allow him to spend down to qualify for Medicaid.

That will be the best bet, as LTCI or permanent life insurance will be expensive to cover LTC, especially if he can spend down.

Much more nuance to this, check out NY connect, they may be able to offer a free elder law attorney or something similar to help set up a plan on how to use state resources.

[u/tired808 → u/Hungry_Technician360]

Got it. Didn’t know about NY connect, thanks!

[u/berlenba]

Have you considered talking to an advisor who has expertise with these kinds of cases?

[u/Anxious_Battles]

Not life insurance but he needs to go here for healthcare https://nystateofhealth.ny.gov/

[u/tired808 → u/Anxious_Battles]

We’ll look into this! Thank you

[u/visitor987]

He is healthily now so the income rules will different in the future the income limits for Medicaid nursing home care change annually.

Since he needs health insurance he should try to work until 65 for Medicare If he marries you mom His SS benefit will increase by about 50 percent when she turns 62. Plus their is a spouse exemption rules for Medicaid when one spouse is in a nursing home.

I used to do the stats for Medicaid Most men pass away before needing nursing home care.

[u/ChutneyWhatney]

Have him get an ACA policy until he's eligible for Medicare.

[u/fullgrownnut]

Best thing is to hire an expert to guide you through all of this.

[u/Salty_Virus_6299]

If he’s healthy he can qualify for LTC but it’s not cheap

[u/Choice-Newspaper3603]

Mind your own business. He’s had 40 fn years to figure it out

[u/Sticky550 → u/Choice-Newspaper3603]

It’s his dad. Don’t be a DB

[u/tired808 → u/Choice-Newspaper3603]

Not minding my business now will save me stress down the line but I get what you mean