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|Subject: Re: Big Problems wth LongTermCare Insurance||Date: 7/12/2013 1:10 PM|
|Author: Rayvt||Number: 72592 of 75839|
Medicaid has a 5 year look-back for financial qualification, so 5 years after your spendable assets are transferred out of your name you are then covered by Medicaid.
Medicaid will pay for about 16 hours of daily in-home care... so if your asset gift beneficiaries (*trustees of the funds you gifted out of your name) will use those funds to pay for the other 8 daily hours, you can spend your last phase in the comfort of your own home on your Medicaid benefits... rather than with nurse Ratchet at the puke & crap nursing home.
(*) Provided that those giftee's actually use the funds you gave them for you instead of for themselves. "What do you think, honey? Should we pay for Dad's comfort, even though he is so out-of-it than he doesn't even know his name anymore, or should be buy his-n-hers convertibles?"
Personally, this whole LTCi discussion strikes me as similar to discussions about having Alpo or Beneful for dinner. I don't want to go there, I don't want to figure the best way to manage failure.
I want to grow my assets large enough so that we can afford a pair of 24/7 nubile candy-stipers for me, and Chippendale aides for her, in the comfort of our own house.
I figure with $2M+, we won't ever need to investigate Medicaid homes.
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