Divorce and Seniors: Can’t Afford Long-Term Health Care? File for Divorce
Have your elderly parents have been married for years but are considering divorce to afford long-term health care or for other financial reasons? Contemplating such a decision can put additional stress on a family. What can you do to help them?
1. Buy an annuity.
Some annuities may not be countable assets to qualify for Medicaid.
2. Consult an attorney for estate planning.
A lawyer also could help you set up a trust, some of which, such as those for irrevocable or special needs, may not be considered for older people applying for Medicaid.
3. Pay for your funeral ahead of time.
The government considers this pre-paid expense a legal way to spend money before applying for Medicaid.
4. Use the right of spousal refusal.
Medicaid law says that the community spouse, the spouse who isn’t in a long-term care facility, can keep his or her assets by refusing to support the institutionalized spouse.
5. Get more information.
The Kaiser Family Foundation has information about health care issues.
