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Medicare pays for 21 days at a 100% for a stay in an SNF, provided the patient is making progress, after that you pay 80%, till you reach 100 days than you pay 100%.
And people can live for years in a NH. I don't know of any situation where an elderly person was gone in a few months after being put in a NH, I know of several where they went on for more than 2 years.
It's also amazing how many Americans are so clueless as to what a NH costs. You could easily be looking at 60K a year, way more than the average American salary.
With a Medicare supplement policy, you can cover the deductible for stays in rehab that extend beyond the initial 21 days. The policies will cover up to 365 days in total.
The point of the Forbes article is that they are often readmitted to a hospital again for another medical problem, transferred to SNF, provided home care, and so on. The cycle is repeated until their condition deteriorates to the point they have to stay in a facility at the end of their life. They can gradually spend down their assets and pass away or use Medicaid.
As you stated, there are some people for whom this strategy won't work.
With a Medicare supplement policy, you can cover the deductible for stays in rehab that extend beyond the initial 21 days. The policies will cover up to 365 days in total.
The point of the Forbes article is that they are often readmitted to a hospital again for another medical problem, transferred to SNF, provided home care, and so on. The cycle is repeated until their condition deteriorates to the point they have to stay in a facility at the end of their life. They can gradually spend down their assets and pass away or use Medicaid.
As you stated, there are some people for whom this strategy won't work.
That would depend on the type of policy. Most medicare supplements that I know of don't pay anything if the service is not medicare covered. So on day 101 (I believe medicare allows 100 days per event) you are fully on your own.
In the case of my father, that meant spending nearly 70K in just over 6 months - at $11K a month. There's no guarantee that anything past the 100 days will be covered, unless the patient is already Medicaid approved or an active Medicaid applicant.
60K? try 120-thousand depending on where you are of course.
Two years ago the place where my cousin is -- in the South Jersey/Phila area -- was 9,500 a month for a QUAD room.
((ADD meds, and other services beyond basics onto that))
First my father's wife, then my father. Many many months of checks written to the nursing home. $9000 a month, all from my father's checking account. I could have had somme fun with all that money, but that's life. Not always fair. I wonder what it would cost the government to pick up the tab for all custodial care? Not as much as they spend bailing out Wall Street on a weekly basis, I'm sure.
First my father's wife, then my father. Many many months of checks written to the nursing home. $9000 a month, all from my father's checking account. I could have had somme fun with all that money, but that's life. Not always fair. I wonder what it would cost the government to pick up the tab for all custodial care? Not as much as they spend bailing out Wall Street on a weekly basis, I'm sure.
Each election cycle we hear about helping the poor and the middle class and the current administration was no different. Yet administration after administration the same ole same ole.
HOPE & CHANGE! Well maybe next time they promise they'll mean it.
With all due respect, you might get creative yourself and use this idea to solve your own problems with your Mom. You asked one person and she turned you down, so now you just up and quit on the idea? That's certainly your own choice, but you might go take a look in the mirror before you start giving others the benefit of your advise.
The government claims to be so good at what they do. She paid her way all her life, if they can't be reasonable and work with us then she'll stay there.
This whole thread, at least the first 3-4 pages I read, is a great argument for universal health care.
There are many ways that the developed world finances health care, but the U.S. does it the least efficient and most expensive way.
OP, I understand your pain. My father had many of these same problems before he died. He had significant assets, mostly land that was worth 200-300K, he died with about $3K in the bank. Most of it went to hospital bills.
That was prior to ACA, mind you. From my perspective ACA has improved things slightly - insurance actually pays out on claims now. Prior to ACA I had a hell of a time getting the crappy United HealthCare policy I had to pay out on ANY claims.
A pet peeve of mine - we should call it health finance and not health insurance. I bought a long term care policy and a hospital indemnity policy for myself - it costs me out of my paycheck but I figure I'm pre-paying my end of life care.
This is one reason that I don't agree with going to great lengths to prolong life. For what? So you can be in a nursing home the rest of your life and in the process lose all your assets?
I have always said the "lucky" ones are the people who are living a full, healthy life and just drop over dead one day. I hope that's what happens to me.
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