Currently, my mom is living with my wife and I at our home. Instead of putting her in a nursing home we would rather take care of her ourselves. What steps do I need to take to accomplish this process? Please send me contact information on how to do this. She does have United HealthCare Medicare complete from AARP which is a supplement and covers her medical insurance needs. Thanks
I assume Mom doesn't have long-term-care insurance, or you would have already checked that.
Would she qualify for Medicaid? While she is still in the community it would probably be a waiver program, but if she ever needs a nursing home, it would be in place for that, too.
One good way to start the process is by getting a needs assessment. For our mother we asked for that from Human Services. I understand the Area Agency on Aging can help with that, too. The assessment person can tell you what your mother seems to need, and also the resources that are available to help meet those needs.
The attorney is correct about the gifting not effecting taxes, but Medicaid will not pay for mom's care if she has gifted monies during the previous 5 years.
Perhaps a different way to structure this is to set up a caregiving contract where mom pays you for her care. It's something to think about.
Otherwise, like jeanne had mentioned above, see if the parent can apply and qualify for Medicaid [which is different from Medicare]. If she can, and depending on what programs are available in your State [each State if different], you might be able to receive a few hours of payment, but note the pay would be minimal.
Sorry, Medicare does not offer payment to a grown child, nor do they pay for caregivers to come to the house. Medicaid will pay for physical therapy and speech therapy should your Mom need that.
If at all possible, do NOT quit your job. You will lose more than just a salary, you would also lose the net worth value of benefits offered by your company, if any. Such as health care insurance, matching 401(k), monies placed into your Social Security/Medicare, paid vacation days, paid sick days, etc.