My Father, 71 is in the early stages of Dementia. He has a home worth approx 130,000 and still owes on it. He has roughly 200,000 in a retirement account. Would it be smart to pay off the mortgage now with the expectation a nursing home stay is likely. So, this payoff of his mortgage...would that be subject for reimbursement prior to being accepted by Medicaid. Also, looks as if there is no possible way to save any of his 200,000 in assets (or honor what he asked). My wife quit her job and has been a "live in" more often than not since March (an ANGEL as far as I am concerned), but I can't allow it to jeopardize her mental/physical health. Any guidance or additional resources anyone can suggest would be greatly appreciated.
Also is dad a war veteran, by chance? If so, he may qualify for Veterans Aid & Attendance benefits thru the Veterans Administration. My father was a WWII vet (served in active duty) and the VA gave him $2300 a month for he and my mother until he died (to be used for Assisted Living or Nursing Home care); after he died, my mother gets $1244 a month in survivor benefits to this day (she lives in a Memory Care ALF). I've been using ALL of their life savings (nothing held back) to pay for their long term managed care and will do so until it runs out. Then I will apply for Medicaid to fund my mother's stay in a SNF if she's still alive. She's 94.5 now with advanced dementia.
Good luck!