0
Can your 90 year old father cash in his annuity and make gifts of the funds to his grandchildren if he is currently being considered for Title 19 and is living in a nursing home?
Wiki User
∙ 11y ago
I'm going through this now with my Mom. If he cashes in the annuity, and gives it to anyone as a gift, his eligibility for medicaid will be denied until that amount has been " spent down." In English, let's say the annuity is worth $36, 000, and the average cost for a nursing home is $9,000 a month. If he gives the 36K away, medicaid will make him pay the nursing home himself for 4 months before he is eligible for coverage. The more he gives away, the longer he has to self pay. He would have had to give the money away, or have it out of his name 5 years ago.
Wiki User
∙ 11y ago
Consult with a financial advisor or elder law attorney who can provide guidance on how best to proceed given your father's circumstances. Medicaid rules can be complex, and transferring assets could affect his eligibility. It's important to make informed decisions to ensure his long-term care needs are met.
Add your answer:
Earn +20 pts
What is the average cost for a nursing home a month?
The average cost for a nursing home varies depending on location, level of care required, and amenities provided. In the United States, the average cost can range from $5,000 to $10,000 per month. It is important to research and compare different nursing homes to find the best option for your needs and budget.
Definition of institutional nursing?
Institutional nursing refers to providing nursing care within a structured healthcare setting such as hospitals, long-term care facilities, or rehabilitation centers. Nurses in institutional settings often follow established protocols and guidelines to deliver comprehensive medical care to patients.
Where can one learn more about gerontological nursing?
You can learn more about gerontological nursing through formal education programs such as bachelor's or master's degrees in nursing with a specialization in gerontology. Additionally, there are professional organizations like the Gerontological Advanced Practice Nurses Association (GAPNA) that offer resources, conferences, and networking opportunities for nurses working with older adults. Online platforms, journals, and webinars focused on gerontological nursing can also provide valuable information and insights.
What are the Qualifications of a long term care nurse?
Qualifications for a long-term care nurse typically include a Bachelor's degree in Nursing (BSN) or an Associate's degree in Nursing (ADN), a valid nursing license, and specialized training in geriatric care. Strong communication skills, empathy, and patience are also important qualities for this role. Additional certifications in gerontology or long-term care nursing may be beneficial.
Are geriatric care nursing homes regulated by any government agency?
Yes, geriatric care nursing homes are regulated by government agencies such as the Centers for Medicare and Medicaid Services (CMS) in the United States. These agencies set standards for care, safety, staffing, and quality of services provided in nursing homes to ensure the well-being of residents.
Why is there considered to be a nursing shortage in the United States?
There is currently a nursing shortage in the United States because there are fewer people choosing nursing as a profession. People tend to be choosing different professions and the patient and nurse ratio is declining thus leaving patient care in jeopardy.
Who is known as the founder of nursing profession?
Who is known as the founder of nursing profession?
Who is considered the founder of professional nursing?
Florence Nightingale
Who was the founder of the nursing profession?
The considered founder was Florence nightingale
Why is Western Michigan University considered a top choice for nursing majors?
Western Michigan University is considered the top choice for nursing students because they host a study that has a mastery of current and emerging knowledge. They offer their nursing students classes full of skill and practice.
Why is school nursing considered community nursing?
I think this is because the school is still basically a community and that it is outside the hospital or clinical setting.
Why breasts are considered essential part of the female reproductive system?
For nursing
Is a nursing home considered a social service agency?
No. A nursing home (extended care facility) is a medical facility. Social services may be obtained in a nursing home - but a nursing home is not a social service agency, per se.
what are the nursing home who has skilled nursing care?
My advice would be to talk to people you know and trust who have famiyl members who are currently living in a nursing home. Find out what they do and do not like about the facilty. This way you trust the opiions and know your friends will be honest.
How do you apply for good standing certificate from Maharashtra nursing council?
There are guidelines posted on the Delhi Nursing Council's website. It outlines the forms and papers that need to be filed.
how many nursing assistant jobs are available currently?
According to Indeed dot com, there are 4156 nursing jobs currently available in the United States. This figure however is probably not very accurate, because each state has different needs as far as hiring individuals as nurses.
How do you qualify to be in a nursing home?
age, disability, and current income are all considered.
