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in the world of nursing home care 600k is really nothing if you have an extended stay .
today partnership plans with the states are becoming popular so this depletion of assets does not happen totally .
while my state (ny) require's that you take 3 years ltc insurance , they protect whatever you have in assets 100% and just have medicaid pay once the insurance runs out .
most states who offer partner ship plans offer a dollar for a dollar protection .
that means if medicaid spends 600k up to 600k of assets is protected .
you can not get this protection from just having a ltc policy , it must be a partnership plan with your state
This is a more common scenario. Remember, to qualify for Medicaid, one has to be impoverished and have a limited amount of income per month as well as little or no assets, absent certain exempt assets.
Given that nursing home care can exceed $6,000 a month, many middle class families can not afford this monthly expense and even $600,000 can disappear in a 6 or 7 years.
The bigger issue in all this is what happens if the Republicans cut the Medicaid expenditures or block grant it to the states.
When Medicaid is not available for the elderly or for nursing homes, then what? Where will they go and who will take care of them?
These are the stakes in the current debate in Congress.
unless you have partnership plans , then you may be required to spend down nothing to qualify . that is what we have .
but even without the partnership plans there are ways to protect assets or work around the situation with better outcomes , you just need a good elder law attorney who knows the options in your state .
unless you have partnership plans , then you may be required to spend down nothing to qualify . that is what we have .
but even without the partnership plans there are ways to protect assets or work around the situation with better outcomes , you just need a good elder law attorney who knows the options in your state .
Right...keeping in mind that not all states have such partnership plans so not open to all.
quite a few states now have them in one form or another . only 10 states don't . only 2 or 3 offer full asset protection . the rest are dollar for a dollar protection .
My MIL had LTC insurance that only lasted two years. My FIL died 7 months after going into assisted living. MIL is still alive - 3 years after this.....
a partnership plan is a plan issued in conjunction with your state and an insurer .unlike regular ltc policies which just go bye bye once you exceed the number of years they will pay the partnership plans have perks after the insurance runs out .
ours as an example protects the stay at home spouse's income and all assets if medicaid is needed .
no look back ,asset transferring or spending down required
Why does Medicaid cover nursing home care, and traditional insurance plans and Medicare (which is of course for elderly people primarily) do not?
Why not instead require commercial insurance plans and Medicare to cover nursing home care (and home aid care as well)?
If you included nursing home care, the cost of the insurance plans would be so high that no one could afford them.
Most carriers do NOT write LTCi plans anymore as the costs are increasing substantially each year.
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And by nightmare I mean her specific situation - you'll need to read to get the details.
