[mraines]

Originally Posted by retiredguy123

It is not ripping off the Government if you follow the rules that the Government established within the program. And, people have every right to give away their money to anyone they want. I would also point out that, in 2023, 91 million people were enrolled in Medicaid, not just the very poor or destitute.

That's how the rich get richer. They know how to skirt around the rules and find the loopholes.

[retiredguy123]

Originally Posted by mraines

If you need a nursing home, would you be going out to dinner or buying furniture? That would make you healthy enough for assisted living.

Yes, because not everyone living in a nursing home is bedridden. If you need a certain level of medical care, you may not be eligible for assisted living.

[crash]

Originally Posted by retiredguy123

I partially agree with you. But nursing homes are basically Government Medicaid-funded facilities. The nursing homes do the bare minimum to comply with Government rules and it is the nursing home owners who are getting rich. If you move into a nursing home with $100,000 in life savings, it will be gone in about a year or so, and then the Government will be paying the nursing home through Medicaid. You will be broke and won't even be able to go out to dinner or buy a TV or a piece of furniture. But, if you can gift that money to your heirs, they can help you out by spending some of the money on you. (hopefully?)

If you are there on Medicad they take your Social Security and give you $100 a month for personel care items. So you won’t be going out to dinner or buying a TV. Your kids can do that for you with the money you gifted them but I have seen where once they have the money you are on your own.

[retiredguy123]

Originally Posted by crash

If you are there on Medicad they take your Social Security and give you $100 a month for personel care items. So you won’t be going out to dinner or buying a TV. Your kids can do that for you with the money you gifted them but I have seen where once they have the money you are on your own.

I totally agree. But, you don't need to give all your money to your kids, especially if they don't deserve it.

[Barkriver]

Originally Posted by Aces4

What a joke, dump your money on your heirs so they can live the good life while the rest of the population pays for your fanny. I think to stop this practice, which has been going on for a long time, long term care should be beds in wards, shared public bathrooms and very, very basic care including the food. How about your kids take you in, provide the care and you pay them? That would be far more equitable for the American people.

I have watched so many couples dump their money to the kids to live off the public coffers. Talk about a travesty...

The travesty is the cost and quality of long term care, and this country's entire medical system.

[Susan1717]

We have all worked hard for our money and let’s just hope that we have children to where If we give them money they will save it and use it to take care of us when we need it! I know I trust my son explicitly! And some of the threads I’ve read have said they think it’s awful for people to live off of Medicaid later? Well, I would rather see the government take care of its own senior citizens then spending billions on illegal immigrants, that’s just my opinion.

[sdeikenberry]

Depending on the amount of wealth you have, there is an option to protect it, keep it, and still be able to go into a nursing facility. Buy long term care insurance. Yes, you pay an annual premium, but again, depending on your wealth, it could be money well spent. Basically, with LTC insurance you can keep all your money, go into a nursing home, and insurance will pay for the costs up to a certain number of years. Depending on the level of care you want you may have to supplement the monthly cost. Premiums are based on your age when you purchase the policy...the older you are the more the premium, but the younger you are the longer you pay the lower premium. I'm not generally in favor of insurances, but in this case it's worth considering for wealthy people.

[retiredguy123]

Originally Posted by sdeikenberry

Depending on the amount of wealth you have, there is an option to protect it, keep it, and still be able to go into a nursing facility. Buy long term care insurance. Yes, you pay an annual premium, but again, depending on your wealth, it could be money well spent. Basically, with LTC insurance you can keep all your money, go into a nursing home, and insurance will pay for the costs up to a certain number of years. Depending on the level of care you want you may have to supplement the monthly cost. Premiums are based on your age when you purchase the policy...the older you are the more the premium, but the younger you are the longer you pay the lower premium. I'm not generally in favor of insurances, but in this case it's worth considering for wealthy people.

Most long term care insurance experts say that the insurance is best suited for people who are either not poor or those who are not very wealthy. Those who benefit most from LTC insurance are those "in-between" people who have some wealth, but not enough to self-insure for long term care. So, it is not recommended for wealthy people who can afford to self-insure.

[Ponygirl]

I went through this with my mom a few years ago before her death last year She was stubborn and wanted to live in her home in PA and not with me which I respected Then came the hospital and rehab cycle

When time for long term care came the nursing home gave me the whole spiel abt how the state takes over the house and assets to pay the bills and I choose another course of action

I chose a wonderful (after much research) personal care facility over a nursing home that I paid out of pocket. (Much less than 9000/month) They were wonderful and hospice provided services at the end of life they were very kind and caring and it was a great experience

[nn0wheremann]

Originally Posted by retiredguy123

About 80 to 90 percent of fulltime nursing home residents (not rehab) are on Medicaid. When you move in, they actually have an office to calculate your "spend down" time plan to spend all of your money before applying for Medicaid. Your lawyer is probably talking about a plan to give most of your money away to make you eligible for Medicaid and avoid spending it all at the nursing home. To be eligible for Medicaid, you need to be almost broke, and they include a 3 to 5 year "look back" period to prevent people from gifting their money just prior to entering a nursing home. I don't know if you need a lawyer, but a gifting plan is a good idea to avoid spending all of your money at the nursing home. Most people cannot afford to live in any nursing home. Note that Medicare does not cover nursing homes.

So tell me this, if you have the means to pay for your nursing home bill, why do you want to pull off financial shenanigans to qualify for welfare? Why stick the taxpayers for your care when you can full well afford to pay your own way? So you can give it to your children? Once upon a time children were supposed to take care of their parents, not slough them off upon the taxpayers so they can leave a big estate.

[sharonl7340]

Originally Posted by LuvtheVillages

Medicare only pays if you are there for rehab. Medicare does NOT pay for long-term care. Medicaid pays for long-term care, but only after you have spent all your money and have nothing left.

So start giving away your money to your heirs now, to establish a pattern and so that they get something from you.

This is correct. Medicare will NOT pay for long-term care. Medicaid will, but only after you have spent down the assets. One of the only things Medicaid does not require is the liquidation of the home if the other spouse still lives there, but I believe they still count it as an asset.

[sharonl7340]

You can place some of the assets in a trust and that would count as "liquidating them." An eldercare lawyer told me I could take the amount of money my mom got that was over the Medicaid limit could be placed in a trust and then she would qualify. the amount was $200 every month, but we would have had to readjust the amount every year to account for the COLAs she received. Then the nursing home would have taken every penny for expenses. A little-known fact is that Medicaid can continue to go after the family for the expenses not covered by the agency and the amount of money they took each month.

[sharonl7340]

Originally Posted by ROCKETMAN

Giving away your money is not the answer. They look back and if you have given to much you pay a penalty.Look back 5 years so do it now and hope you have 5 healthy years in front of you.

The lookback period is different for each State. My mom was in Alabama and the look-back was 7 years. You need to research to see what the lookback period is in your state.

[elle123]

Originally Posted by ROCKETMAN

I’m sure some of you have these questions or have actually experienced these circumstances. I am talking about Medicare nursing facilities, not private. Private ones run about $9000.00 a month so for me that’s out of the equation. Been to seminars where they tell you you can protect your assets including sale of your house and just your s.security will cover cost. A lawyer quoted me $5000 to do the paperwork. My lawyer who has done my wills in a phone conversation asked me why I would I spend $5000 and have no idea if I would or my spouse would ever go in a nursing home. You can fill out the paper work the day before you would go in or even after you go in. My lawyer does not charge like the ones in fancy offices, has a small office in a tiny strip mall in Eustis. Used to be in summer field but closed that one.

"Medicaid typically only looks back at an applicant's income and asset transfers for a period of five years when determining eligibility for nursing home care, this is often referred to as the "look-back period" and is used to ensure individuals haven't deliberately transferred assets to qualify for Medicaid benefits." In Florida to qualify for Medicaid you can only possess $2,000 in total assets.
So in effect you must be indigent.

[retiredguy123]

Originally Posted by nn0wheremann

So tell me this, if you have the means to pay for your nursing home bill, why do you want to pull off financial shenanigans to qualify for welfare? Why stick the taxpayers for your care when you can full well afford to pay your own way? So you can give it to your children? Once upon a time children were supposed to take care of their parents, not slough them off upon the taxpayers so they can leave a big estate.

According to the dictionary, shenanigans are "secret or dishonest activity or maneuvering". I don't condone shenanigans. But, I don't see anything wrong with following the Medicaid law to a person's best advantage. There are 91 million people currently enrolled in the Medicaid program. These are not just poor people. If you are eligible for a Government benefit, why not use it? And, if the Government wants children to take care of their parents, why pay for their nursing home care? Change the law.