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Re: Newsweek article on retirement
Old 04-11-2006, 05:46 PM   #21
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Re: Newsweek article on retirement

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Originally Posted by Brat
Just paid my Mom's care bill, averages $7,100/mo not counting personal services (hair cuts, perms).* She has been there at least 6 years (two broken hips, rib fractures, Parkinson's) and not showing signs of closing her book soon.* The facilities that accept Medicaid aren't to her liking.

Father also needed care, about a year for demensia, before he passed away.

Just middle income folks.
Brat: *That's a very hefty premium. *Apparantly your mother must have had the funds at one time to pay, and is now down to the point where medicaid would be possible.?

My mother was on medicaid, and I can understand your mother not being thrilled with that prospect.

Definantly not one of life's most pleasant things to be faced with.

Take Care, Jarhead
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Re: Newsweek article on retirement
Old 04-11-2006, 06:09 PM   #22
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Re: Newsweek article on retirement

my wife and i were thinking of self insuring for ltc ....last month money magazine did a portfolio makeover about us and reccommended we dont self-insure....if anyone hasnt seen the article its still up on cnn's website

http://money.cnn.com/magazines/money...0203/index.htm
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Re: Newsweek article on retirement
Old 04-11-2006, 06:33 PM   #23
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Re: Newsweek article on retirement

in feb. the laws changed drastically for medicaid.for those people that planned to shift assets to qualify for medicaid things are very different now.
the game used to be for those who were shifting assets, to clear the 3 yr window by taking 3 yrs of ltc and shifting assets....
as of feb the look back is now 5 years,,,,,any assets shifted less than 5 years ago are penalized by a waiting period for medicaid.the starting date for the waiting period used to be the day the assets were shifted..now it starts when medicaid is applied for..
other major changes is your home is no longer excluded...equity over 500,000 has to be tapped and if theres a surviving spouse,depending on your state they can force you to take a reverse mortgage under 500,000.............
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Re: Newsweek article on retirement
Old 04-11-2006, 07:09 PM   #24
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Re: Newsweek article on retirement

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Originally Posted by mathjak107
in feb. the laws changed drastically for medicaid.for those people that planned to shift assets to qualify for medicaid things are very different now.
* the game used to be for those who were shifting assets, to clear the 3 yr window by taking 3 yrs of ltc and shifting assets....
* *as of feb the look back is now 5 years,,,,,any assets shifted less than 5 years ago are penalized by a waiting period for medicaid.the starting date for the waiting period used to be the day the assets were shifted..now it starts when medicaid is applied for..
* *other major changes is your home is no longer excluded...equity over 500,000 has to be tapped and if theres a surviving spouse,depending on your state they can force you to take a reverse mortgage under 500,000.............
Yeah, I know, but LTC insurance is still a sh!tty deal for most ERs who are decades away from needing LTC and in all likelihood will have an enormous pile of assets when they get old enough to need the coverage.
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Re: Newsweek article on retirement
Old 04-11-2006, 08:55 PM   #25
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Re: Newsweek article on retirement

Quote:
Originally Posted by Jarhead*
Brat: *That's a very hefty premium. *Apparantly your mother must have had the funds at one time to pay, and is now down to the point where medicaid would be possible.?

My mother was on medicaid, and I can understand your mother not being thrilled with that prospect.

Definantly not one of life's most pleasant things to be faced with.

Take Care, Jarhead
Mom and Dad are/were private pay all the way.* Since she is approaching 90, God willing, she should stay that way.* The had a very modest (old) long term care policy good only for nursing homes with no COLA adjustment.* It helped for 3 years, although Dad did not last that long.

One of the Medicaid qualified facilities in the area is top rated care wise, but Mom is very socially aware - not her thing.* IMHO she would expect to move in with my brother or I before she would go on medicaid.* Sigh...
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