Answer: Your situation is not uncommon, and actually, you are in pretty good shape financially for your husband to transition into a long term healthcare or nursing home facility. In order for your husband to qualify for Medicaid he must be 65 years or older, and in his case, disabled. He must have a monthly income of no more than $2,022, which he does at $1,950. Another factor is the Community Spouse Resource Allowance (CSRA), which for 2011 is limited to $109,560. Since your principal residence, your car, your husband’s IRA, and his term life insurance policy are all exempt resources, your husband should qualify for Medicaid. However, allow me to add that if the principal residence is held in Joint Tenancy with Right of Survivor, you and your husband should consider placing it in your name in Fee Simple. There is no penalty on spousal gifts, and when your husband passes, you will not have to worry about Medicaid’s Estate Recovery seeking his share of the property as reimbursement for benefits provided.
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