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couple 73 no kids, no one else to take care of us if one or both get sick
fair health
assets including home $1 million
live in expensive New york city
pension and social security $70000
housing cost $26000 a year
breaking even now with income and expenditures
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You can't if your medical bills wipe you out.

Perhaps you're thinking about what would happen should you be in a position that long-term care was required for one or both of you. If it's both of you you'll pay until your money runs out, then Medicaid will take over.

If only one of you should need long-term care there are anti-impoverishment provisions that protect the "healthy" spouse from losing everything. The rules and process vary by state. You can learn more from an attorney who specializes in the issue.

Phil
Rule Your Retirement Home Fool
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Perhaps you're thinking about what would happen should you be in a position that long-term care was required for one or both of you. If it's both of you you'll pay until your money runs out, then Medicaid will tny ake over.

yes
any web sites with this type of info?
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any web sites with this type of info?

I found this through a Google search. It looks like a good place to start.

http://www.wnylc.com/health/entry/96/

Phil
RYR Home Fool
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thanks
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if florida a better state to go on medicaid than new york for seniors trying to protect assets?
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if florida a better state to go on medicaid than new york for seniors trying to protect assets?

Beats me. Here's a link to FL info:

http://www.karplaw.com/page/medicaid-planning-eligibility-in...

I've found this using a search engine searching on "[state] Medicaid long term eligibility" Try it, you'll like it.

Phil
Rule Your Retirement Home Fool
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if florida a better state to go on medicaid than new york for seniors trying to protect assets?

Given the financial situation your described in your original post I doubt you will find any state differences significant. The Federal government provides the states with a fair amount of the Medicaid money. It used to be you just had to be without assets, but in the 1980s when AIDs first appeared on the Medicaid scene, conservatives decided those sexual perverts should not be allowed to "hide" funds. That resulted in the look-back provisions. Any money given away for a period of years must be clawed back. They do check bank accounts, income tax records, etc.

In 1998 combination of federal and state limitations in Tennessee allowed essentially zero assets. Medicaid allowed the recipient to keep $25 of Social Security a month for personal expenses - the rest was signed over to the Federal government. Certainly all stocks, annuities, cars and even personal property above a small amount must be liquidated before Medicaid began. If a house was involved, a 50% of the house's value was taken payable upon the sale of the house or death of the other spouse.

There are indeed Medicaid regulation differences between states, but in your situation I would think the differences in cost of living between New York City and say the rural South East or Mid west would be a greater financial factor.

Gordon
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thanks
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