Legal question on money

[lr60644668]

I have a savings account I keep for emergencies. If my health deteriorates and I go into hospice or home care, what happens to it? Does Medicare take it or what?

[GailL1]

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@lr60644668 wrote:

I have a savings account I keep for emergencies. If my health deteriorates and I go into hospice or home care, what happens to it? Does Medicare take it or what?

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Read carefully - there is a difference in Medicare and Medicaid. So don't confuse them. This is only very, very general.  Depending upon your assets and income you might want to consult an eldercare attorney.  

Your emergency fund / savings is part of your assets (or estate when one passes) - Unless you qualify for Medicaid or a combined Medicare/Medicaid program, then things will be just as they are now - you or your estate will pay your part of the (whatever) care cost under Medicare.

Medicare usually covers Hospice very liberally whether at home or in a facility.  Medicare does not cover daily living home care; Hospice does cover some of it but not 24/7 care.    Medicare only covers things that are medically necessary - daily living care isn't covered unless it is part of the hospice benefit.  

If you are very low income and have few financial assets, you could look at your state's eligibility guidelines for Medicaid.  

There is a lot to your question and it all depends on your financial assets and income - Just don't give it or anything else away to try to get on Medicaid - there is a (5) year look back period.

This may be useful to read.  Medicare.gov - Hospice Benefit

If you own a home or other real estate property that's also a consideration for Medicaid.