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Author: Hawkwin Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75383  
Subject: Re: Big Problems wth LongTermCare Insurance Date: 7/12/2013 11:45 AM
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No offense, but you appear to be either confused, uninformed, or disingenuous.

Really? No offense?

No offense (I am being sarcastic) your reading comprehension is lacking. I quoted you the specific text that states otherwise. Don't blame me if you don't take time to read it.

You should instead simply thank me for the clarification, as I did you.

I have stated repeatedly that you should look more into what your state provides. Hell, tell me your state and I will even do it for you.

Here is it for Indiana:

http://www.in.gov/iltcp/files/What_You_Should_Know_About_Lon...

How does the Medicaid Asset Protection feature work?
If you initially purchase a Partnership policy with less than the State-set dollar
amount* in benefits, one dollar of assets (dollar-for-dollar) is protected for
each dollar of Partnership policy benefits paid out. If you initially purchase
a Partnership policy with at least the State-set dollar amount* and have a 5%
compound inflation factor, all of your assets (total asset) are protected once
the policy has paid out all benefits.

Can I rely on this asset protection from Medicaid to protect my
assets?
In a word, YES! For example, if you bought a Partnership policy with a
maximum benefit pay-out of $150,800, you could protect $150,800 of your
assets. If you want to protect more or less of your assets, you may select a
policy with a higher or lower benefit pay-out. If you want to protect all
of your assets, you would need to purchase, at a minimum, the State-set
dollar amount of Partnership policy benefits.
For married couples, each
spouse would need to purchase his/her own policy for the greatest overall
protection.

---------------


And it doesn't actually provide any money for nursing home care. It just lets you go on Medicare while you still have some assets left.

I think you mean Medicaid, but yes, that is correct. Some or all.
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