That would have a payout of around $4100/mo. with just the house asset. Together with a $3K/mo. pension that won't be enough to cover $11K for assisted living care, nor does it appear that annuitizing all of their assets will generate enough income. Once the remaining assets are spent, the SPIA would just feed into a Medicaid spend down.I would consider purchasing a SPIA with substantially all of the available assets (investments and house sale proceeds).
Instead, spending down the asset directly should provide more years before having to go on Medicaid. There also are Medicaid-focused annuities. I don't know much about them or whether they would have a use here. An elder law attorney would be able to describe the pros and cons of that and discuss other options.
Statistics: Posted by Northern Flicker — Mon Feb 17, 2025 12:51 am — Replies 11 — Views 863