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after the 3 years insurance is used up a special version of medicaid called mec picks up all costs . with mec there is no look back , no shifting of assets needed and no income restrictions on the spouse at home .
it covers in home care for 6 years .
I googled and found no clear info on a similar partnership in Mass.
ETA: just learned that the program is only proposed in Mass., not in effect
I googled and found no clear info on a similar partnership in Mass.
Massachusetts has no partnership laws like NY. I checked into it with an insurance agent. There are only a handful of states that do. Partnership LTC policies are not available to the vast majority of people notwithstanding all the ink they get on this forum.
Massachusetts has no partnership laws like NY. I checked into it with an insurance agent. There are only a handful of states that do. Partnership LTC policies are not available to the vast majority of people notwithstanding all the ink they get on this forum.
They seem pretty pricey at any rate, like $1K+ per person per month. But of course, the cost-benefit analysis would justify, should the insured be able to afford it.
actually partnership plans are in most states but many are not total asset protection . they are called dollar for dollar . that is where if medicaid pays out 300k then 300k in assets are protected .
They seem pretty pricey at any rate, like $1K+ per person per month. But of course, the cost-benefit analysis would justify, should the insured be able to afford it.
we got our plan late in life . you save nothing by waiting . they just go up if you do and you risk not being accepted . i ended up becoming diabetic and got the levels down to prediabetic and while they took me i got a surcharge .
we pay 8k for the 2 of us , i am 63 and marilyn 65 and nys gives us back 1600.00 as a tax credit . then we get to take whatever fits within the federal tax guidelines
they are strict too . they sent a doctor to the house and did a full blood work up , aids , drugs , and memory tests .
They seem pretty pricey at any rate, like $1K+ per person per month. But of course, the cost-benefit analysis would justify, should the insured be able to afford it.
LTC is extremely expensive. My agent talked me out of even thinking about it. He didn't think the potential benefits justified the cost, and he said it's impossible to know the cost. Insurers have and will continue to increase premiums once you commit.
i agree , if it is not a partnership plan where the perks after the insurance runs out are worth more then the insurance ,the price is hard to justify . i would not have done it if it was just insurance only.
Medicare does not pay for SNF/nursing home. He must have been using his private insurance only (?)
I know what you're saying - but just because so many people are confused about this - I will say for maybe the hundredth time. Medicare will pay for a very small number of rehab days in a SNF under very particular circumstances - but it doesn't pay for long term "custodial" care. Robyn
as expensive as our LTC INSURANCE is i rather pay it then get involved with the headaches of having irrevocable trusts . i would rather not cut each other off from our own assets .
besides the trusts don't alleviate the restrictions on income for the stay at home spouse so in that respect they would be horrible here .
my grandfather was in a real dive on medicaid and it was the only place we could get him in .
I WAS A KID AT THE TIME AND THAT HOME IS BURNED IN MY MEMORY FOREVER IT WAS SO AWFUL .
but our family was poor and we couldn't help him .
we made a few calls ourselves before we took the policy to see just what the nicer homes in our area did once the insurance ran out . that was important to us .
they said they offer a limited number of beds for medicaid but if you are there a few years privately , no problem assigning medicaid .
Your family could have helped him by taking him in to live with you. That's what my parents did with my late maternal grandmother for a while. But it didn't last long. My grandmother had dementia - and my parents - especially my father - couldn't handle her rants and delusions. So she wound up in a nursing home. Not a bad one considering that time/age. Especially for south New Jersey. But not an especially good one either.
If you think you might ever need a SNF for yourself or a spouse - it doesn't hurt to look into relocating for that need. We have some excellent SNFs in lost cost areas of Florida - like where I live. Where full price is 50% less than in major metro areas like New York or Los Angeles. There are probably similar in other parts of the US as well. Our local Jewish place also has adjacent independent living apartments for spouses who don't need skilled care. At prices that would make New York residents laugh (or cry). There are a lot worse places to be when you/a spouse are old/sick.
The thing that impressed me the most about this place apart from all the wonderful care my late FIL got is you never had to deal with that sour urine smell you find in many facilities Which is sickening. Anywhere in the facility at any time. Don't know exactly what causes it or how they managed to eliminate it. Robyn
robynn , stop , you know zero about our family . there was no way we could ever have taken him in .
we lived in a tiny 2 bedroom apartment with a family of 4 people in the projects and barely made ends meet .
my mother had a heart attack giving birth to my sister from an enlarged heart from un-diagnosed rheumatic fever , she could hardly walk herself . she died at age 52 after having a miserable sickly life ..
grandpa needed constant care and had bad memory issues . there was little we could do for him .
we would never ever leave the area if our kids were still here , last thing i want to be is away from them if i need a snf .
Last edited by mathjak107; 12-27-2015 at 06:22 PM..
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