By skyforbes Up front, I’ll let you know that this is not a question about a current situation, but a future one. It could be a year out, or 5 years out, or even 10 years out.
My mother remarried my stepfather about 20 years ago. They have joint assets. My mom has a very modest Social Security income because of a limited work history, and my stepfather has an okay amount. He might have some retirement savings, but my mom has nothing. They are currently living in an LCOL area on their combined Social Security income and have roughly $300k equity in their house.
My stepdad is 10 years older than my mom, has a lot of health issues, and his family has a history of dementia. He is starting to have issues with his memory, but is resistant to seeing a doctor about it.
I’m led to believe that if you have no assets but have, say, something like dementia, Medicaid will pay for LTC. But how does this work if a person is married? Does this mean that they have to drain their joint accounts, and sell the home, and use up all the equity money first? How is the spouse that doesn’t need a nursing home supposed to live in that case if they have little in Social Security income?
Or is this just something you need to talk to a lawyer (disability? elder care?) to sort out?