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Old 01-20-2016, 05:10 PM
 
Location: LTCShop.com
236 posts, read 113,208 times
Reputation: 151

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Quote:
Originally Posted by selhars View Post
But I have to say it cracks me up when people talk about these great deals they got on LTCI through their jobs (especially gov't workers)…and the LTC they have for less than 100 a month. It's good for other people to know they may be able to get it though their jobs. But that isn't the real world rate for most people. No where near it.
A friend was shocked that I didn't have LTCI…"Oh you don't' have it??" I got mine through work 20 years ago (a fed gov't job)…..she lamented that the premium has gone UP to 70.00 a month. I wanted to smack her.

I love it when people say "oh you should get it"….but then you say, "uh well you do know the only reason your's is so cheap is because your a fed gov't worker right? On the open market that 70.00 you're lamenting would be more like 250 a month." THEN they get all shocked and say well no if it cost THAT MUCH, I wouldn't get it." Ignorance is bliss sometimes.


Being a government worker has nothing to do with it.
The age at which they purchased has everything to do with it.

My wife and I share two policies that combined have about $900,000 in benefits.
If one of us needed care at home or in a facility, the policy would pay about $7,500 per month per person (which in my area would easily cover the full cost of care.)

We pay $50 per month per person in premium.
I'm not a government worker.
I bought it on the "open market".

The reason it's so cheap is because we were in our early forties when we bought it. It's also cheap because I'm comfortable co-insuring by paying for the increasing cost of care as care expenses increase.

(and since I'm self-employed, the premium comes right off the top of our income on the front of form 1040 under the self-employed health insurance deduction. So, the $1,200 per year actually only costs about $800 after the federal income tax savings.)

Maybe in a few years, as we get closer to retirement, I'll buy some more coverage.
For now, we're good.
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Old 01-20-2016, 05:33 PM
 
Location: Florida
4,365 posts, read 3,700,708 times
Reputation: 4105
Quote:
Originally Posted by Harpaint View Post
Why would she put it in a non revocable trust? I sure wouldn't. She can be the trustee. She can choose a trusted person to be trustee either temporarily or permanently if she becomes unable. Upon death and after her bills have been paid, the remaining assets are distributed according to the directions spelled out in the trust.

I do not know if a trust can be used to hide assets from medicaid. I very much doubt that it does, and I hope not.
As you note (using a revocable trust) at death she has to pay her bills and estate taxes. You are correct. You are also correct that this would not hide her assets from medicaid.
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Old 01-21-2016, 04:31 AM
 
71,584 posts, read 71,730,589 times
Reputation: 49184
when it comes to medicaid protection a revocable trust is a double edge sword .

medicaid can only go after assets that go through probate so assets in a revocable trust like a house can't be taken since the whole idea is a revocable trust avoids probate . .

BUT : while your house is held personally it is a protected asset from medicare it loses that protection when put in a trust .

even though medicaid can't get to it the dollars count towards qualifying , which when the house was not in the revocable trust it was exempt .

that means in order to qualify for medicaid you may actually have to sell the house you sought to protect so you can spend the money down for care so you can qualify for medicaid .

be careful with revocable trusts , they have uses for some things but can hurt you in other ways .

irrevocable trusts do not count as dollars so anything in them is exempt from medicaid but they come with their own issues .
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Old 01-21-2016, 03:12 PM
 
Location: Ponte Vedra Beach FL
14,628 posts, read 17,929,938 times
Reputation: 6716
Quote:
Originally Posted by AK-Cathy View Post
...The rest of her assets except her IRAs (those are managed via designation of beneficiary forms)...
A beneficiary gets your money when you're dead. A beneficiary has no right to manage any kind of accounts - including IRA accounts (you need a POA to do that). So perhaps you got the name of the form wrong? Or someone is managing money when he/she has no right to. Robyn
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Old 01-21-2016, 11:46 PM
 
Location: Living rent free in your head
31,070 posts, read 13,591,379 times
Reputation: 22130
Quote:
Originally Posted by mathjak107 View Post
the idea is to save enough of your assets to get in to the home of your choice and pay a year or 2 . . once you are in , most homes will keep you once medicaid takes over payments .

while the nicer one's may not take you on medicaid day one they generally will keep you when you switch .

that is why we wanted the 3 years insurance . there isn't a place around here that wouldn't drool over 3 years payments at a very high rate compared to what medicaid pays
In California once you get on medi-cal (California's medicaid) you are transferred to a medi-cal ward or a facility that takes medi-cal patients, they are bad..really bad. Usually 4 patients to a room some constantly screaming or so out of it they have to be restrained. I had a neighbor who had to go to a nursing home after she broke her hip. She was doing well when she could pay for her own care, she was in a room with another lady her age and they joked and watched TV most of the day. She had mild alzheimers and some serious health concerns but after 6 months in a medi-cal ward she didn't even know her own name, she died less than a year later. You really need to look into what you are going to end up with by trying to make sure your kids get an inheritance.
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Old 01-23-2016, 06:02 AM
 
210 posts, read 150,945 times
Reputation: 628
One thing I have always wondered is how a nursing home funds any shortfall caused by low reimbursement for Medicaid patients. The only thing that makes sense is that they do so by taxing other elderly patients who are not on Medicaid. And if LTC insurers negotiate price, are these also in danger of being subsidized by self-paying customers?
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Old 01-23-2016, 05:20 PM
 
Location: Ponte Vedra Beach FL
14,628 posts, read 17,929,938 times
Reputation: 6716
Quote:
Originally Posted by AnnaLee2 View Post
One thing I have always wondered is how a nursing home funds any shortfall caused by low reimbursement for Medicaid patients. The only thing that makes sense is that they do so by taxing other elderly patients who are not on Medicaid. And if LTC insurers negotiate price, are these also in danger of being subsidized by self-paying customers?
That seems to be the case in my late FIL's SNF from the income/expense pie charts I've seen - at least when it comes to Medicaid/full list price cost patients. I don't know if insurance companies can or do negotiate lower rates. This particular facility also relies on and gets a lot from community fundraising (as a private religious based place).

In all honesty - when I look at the cost of SNFs today - approaching $100k/year even in my relatively medium cost spread part of the US - well I can hire full time 24/7 help here for about the same or less. And who needs 24/7 care unless you don't ever sleep? And for that I get to live in my house - and not a 12' x 14' room. As long as my husband is alive to handle something like that for me - and vice versa - and either of us is alive to handle something like that for my 97 YO father - that's pretty much what we plan to do. Robyn
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Old 01-23-2016, 06:43 PM
 
Location: Living rent free in your head
31,070 posts, read 13,591,379 times
Reputation: 22130
Quote:
Originally Posted by Robyn55 View Post
That seems to be the case in my late FIL's SNF from the income/expense pie charts I've seen - at least when it comes to Medicaid/full list price cost patients. I don't know if insurance companies can or do negotiate lower rates. This particular facility also relies on and gets a lot from community fundraising (as a private religious based place).

In all honesty - when I look at the cost of SNFs today - approaching $100k/year even in my relatively medium cost spread part of the US - well I can hire full time 24/7 help here for about the same or less. And who needs 24/7 care unless you don't ever sleep? And for that I get to live in my house - and not a 12' x 14' room. As long as my husband is alive to handle something like that for me - and vice versa - and either of us is alive to handle something like that for my 97 YO father - that's pretty much what we plan to do. Robyn
Exactly! and unless you need skilled nursing care it's not that hard to find someone who will do light housekeeping and cooking in return for free rent and a small stipend.
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Old 01-24-2016, 07:07 PM
 
Location: Ponte Vedra Beach FL
14,628 posts, read 17,929,938 times
Reputation: 6716
Quote:
Originally Posted by 2sleepy View Post
Exactly! and unless you need skilled nursing care it's not that hard to find someone who will do light housekeeping and cooking in return for free rent and a small stipend.
That is not the case where I live. Unless I want to hire some destitute close to homeless person. Not to mention that I don't care to have strangers living in my house. Robyn
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Old 01-24-2016, 07:58 PM
 
2,633 posts, read 3,375,197 times
Reputation: 6970
Quote:
Originally Posted by Robyn55 View Post
That seems to be the case in my late FIL's SNF from the income/expense pie charts I've seen - at least when it comes to Medicaid/full list price cost patients. I don't know if insurance companies can or do negotiate lower rates. This particular facility also relies on and gets a lot from community fundraising (as a private religious based place).

In all honesty - when I look at the cost of SNFs today - approaching $100k/year even in my relatively medium cost spread part of the US - well I can hire full time 24/7 help here for about the same or less. And who needs 24/7 care unless you don't ever sleep? And for that I get to live in my house - and not a 12' x 14' room. As long as my husband is alive to handle something like that for me - and vice versa - and either of us is alive to handle something like that for my 97 YO father - that's pretty much what we plan to do. Robyn
It seems reasonable, and I have thought the same thing. Just hope he doesn't develop dementia and start waking up all hours of the night, multiple times a night, peeing on the floor, walking outside in the snow, yelling out for Mommy, the falls..... Sometimes night-time care is the most exhausting. Just having to get up every 2 hours to turn my father was enough to push me to the edge. There's a reason why sleep deprivation is used as a torture device.
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