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Old 08-02-2007, 09:26 AM
 
Location: Las Vegas
13,888 posts, read 25,319,935 times
Reputation: 26382

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It's a fact of life that if we are old and married; one of us will decline first and possibly end up in a nursing home. What can we do to protect our assets? I don't mind losing half. In my mind that's fair. But I do mind losing everything I own but my home, 1 car, and 35K. What can I do that's reasonable and would protect both of us?

Is it still true that financially we would be better off divorced?
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Old 08-02-2007, 05:35 PM
 
Location: Lovelock, NV - Anchorage, AK
1,195 posts, read 4,993,656 times
Reputation: 465
Boy isn't that unfair that the government promotes divorce when it comes to finances.

One thing to think about is that if you don't qualify for medicade in home care will cost roughly about $14,000 monthly and that's in your own home. I recently in the last 4 months had to research that for my mother in law, she is financially comfortable but needs assistance with daily living. Care givers quoted my in excess of $14,000 monthly but if she was on medicade it would be free. Needless to say we brought up to Alaska to live with us
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Old 08-05-2007, 05:09 PM
 
Location: Oregon Coast
1,848 posts, read 6,248,832 times
Reputation: 1383
There is long term health insurance that you can buy. It's made to cover nursing home costs, but it may be expensive.
Anyone over 65 shoud be covered by medicare.
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Old 08-05-2007, 07:58 PM
 
Location: Sacramento
13,784 posts, read 23,807,188 times
Reputation: 6195
We just went through this with my father-in-law, who died of leukemia a couple of months ago. Medicare covers a lot of home health care needs, and the state and/or local governments frequently have supplemental programs at little or no cost. In our case, an 8 month process of much medical support really only ran about $3 K.
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Old 08-06-2007, 08:21 AM
 
Location: Oxygen Ln. AZ
9,321 posts, read 16,579,200 times
Reputation: 5692
I am very leary of nursing homes. We had to put my dad in one after he broke his hip. I asked the gal doing the paperwork for us just how much it would run a month. She replied with $2,000 a month. They did not have long term insurance and did not have a large savings account. He was there for exactly one month when he died. They handed my mom a bill for over $30,000 and she almost joined my dad right then and there. I asked why so much and found out that the doctor had ordered sleep thereapy, speech therapy, physical therapy etc, etc. Of course they never picked up a phone to inform us what was going on. He was failing so fast I could not imagine why they had ordered all these things. Medicare did pick up a large part of it along with their Blue Cross supplimental, but there was still a sizable bill to deal with.
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Old 08-06-2007, 04:20 PM
 
13,319 posts, read 25,558,234 times
Reputation: 20505
I thought Medicare doesn't cover nursing home care, but that Medicaid would, once the recipient "spends down" (as the original poster seemed to refer to).
Damn that nursing home for ordering all sorts of treatments and tests (and I have to wonder if he really got any of them, in addition to figuring he likely didn't need or benefit from them). What a scam.
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Old 08-06-2007, 06:01 PM
 
Location: Oxygen Ln. AZ
9,321 posts, read 16,579,200 times
Reputation: 5692
Scam was a good word for it. I also wondered about the speech therapy because he could not even swallow at that point. Medicare will pay for 30 days nursing home care if the patient become ill or suffered a broken hip etc. After the 30 days the patient has to return home for a period of time then the 30 day coverage can be reapplied if they need to return, which was my dad's case. He fell, broke his hip and went in for nursing care, stayed 30 days. Came home for a short time, then needed to go back in. They would not have covered the second trip beyond the 30days. It is dicey.
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Old 08-06-2007, 07:24 PM
 
Location: Las Vegas
13,888 posts, read 25,319,935 times
Reputation: 26382
So it sounds to me like senior couples would be better off divorced!
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