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Medicaid
Posted by brad-ott on September 23, 2016 at 12:17 amI just learned that after my mother in law dies, the State of Indiana will come after her assets to recoup their Medicaid expenses on her behalf. Unbelievable.
brad-ott replied 7 years, 11 months ago 13 Members · 23 Replies -
23 Replies
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I have heard of that, and families “in the know” have started transferring possessions from loved ones before the grandparents are really old, kind of a pre-will thing, to cut down on what the gov can take.
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I am a firm believer of giving it all away and to maintain control with a life estate clause.
Of course, there are more options for others in different situations.
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Brad Ott, post: 392284, member: 197 wrote: I just learned that after my mother in law dies, the State of Indiana will come after her assets to recoup their Medicaid expenses on her behalf. Unbelievable.
Thumbs down. They are gonna get it if they can.
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Just being a bit of a devil’s advocate here but…..
Some consider such “wealth transfer” tactics crooked because it puts the medical expenses on the rest of society. I mean everyone wants some of mom and dads money but why should we the taxpayers pay their medical bills if there is money in the estate to satisfy the bills. -
Brad Ott, post: 392284, member: 197 wrote: I just learned that after my mother in law dies, the State of Indiana will come after her assets to recoup their Medicaid expenses on her behalf. Unbelievable.
I’m assuming this is under the “Title 19” portion of Medicaid.
While Title 19 is voluntary, it is slipped in under a pile of papers to sign when elderly folks are in need of long-term health care. It is not necessarily a scam, but the government health care providers (as in the VA, Medicaid Advocates at nursing facilities, etc.) sell it like a lemon on a used car lot…they usually don’t tell the victim what it is they’re actually signing. Then most folks find out when it’s too late.
Take care of your assets while you’re healthy. A good rule of thumb to protect your assets is to place them in a trust or other entity at least five years before Medicaid needs to pay for your care. Any less than 5 years can be construed as “divestment”…which means you willfully liquidated or transferred assets to keep the government from them. They can (and will) gleefully sue the pants off your kids for the money.
Welcome to old age, Comrade.
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I was going to post it, but see Paden has … watch out for that 5-year look-back rule.
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Just google Medicaid after age 55. Free healthcare goes against any net worth a person has. Ain’t nothin really free!!
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LRDay, post: 392366, member: 571 wrote: Just google Medicaid after age 55. Free healthcare goes against any net worth a person has. Ain’t nothin really free!!
And if you think your health insurance will insulate you from any of that, think again. They are just as interested in keeping their “worth” as anybody. All it takes is one ‘dread disease’ diagnosis or a horribly expensive surgery and you’re fresh meat for the Soylent Green Corp.
Place your assets in a trust and survive on a stipend as soon as you can. The way I look at it is I’m gonna get back as much as I can of any monies I’ve given the U.S. Treasury over the last 50 years….screw all y’alls that are younger than me! -
2xcntr, post: 392297, member: 584 wrote: Just being a bit of a devil’s advocate here but…..
Some consider such “wealth transfer” tactics crooked because it puts the medical expenses on the rest of society. I mean everyone wants some of mom and dads money but why should we the taxpayers pay their medical bills if there is money in the estate to satisfy the bills.I think what you say has some truth to it – if it was not for corruption and people taking advantage of the system.
The people who pay the highest price are the ones who have worked their entire lives and tried to plan ahead. It’s a broken system.
You could look at it from the point of view that you are selling your home to line the pockets of politicians and drug companies, and to pay for free-loaders to have the best medical care in the world. *I exclude truly needy and disabled people from that description*
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LRDay, post: 392366, member: 571 wrote: Ain’t nothin really free!!
That was true for your generation…..
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I think the main reason folks need help is when they have no long term care insurance. Yes there are other reasons but Medicare has only limited help for those many who end up needing help with this in their declining years. That’s when Medicaid steps in to help. So how fair is it to those who have dutifully paid premiums on long term care insurance (and it ain’t cheap) to help out those who did not?
I don’t know the exact numbers but it’s something like 90% of us will spend down our net worth to near nothing paying for health care issues in the last few years of our lives. 9% will have a bit to hand off to those following and that other 1%? well you know about them. Pretty sure there aren’t many of those following this thread.
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LRDay, post: 392366, member: 571 wrote: Ain’t nothing really free!!
Grab your silver spoon and get in line; behind me…
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I hope everyone has a great day; I know I will! -
If only I could have taken out $200 – $300 per month and invested it in my future instead of allowing it to be squandered by people I don’t know.
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2xcntr, post: 392387, member: 584 wrote: ..That’s when Medicaid steps in to help. So how fair is it to those who have dutifully paid premiums on long term care insurance (and it ain’t cheap) to help out those who did not?…
“Medicare steps in to help”…but not pay completely. Some of us who have dutifully paid our private insurance providers for years have to maintain a “supplemental private policy” to cover what Medicare does not.
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2xcntr, post: 392387, member: 584 wrote: I don’t know the exact numbers but it’s something like 90% of us will spend down our net worth to near nothing paying for health care issues in the last few years of our lives.”
Not going to happen to me IF I can stop it. I’ll self check out! Living an almost non quality of life just isn’t worth it to me. I’ve told my family this, hope they will comply with my request.
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LRDay, post: 392407, member: 571 wrote: Not going to happen to me IF I can stop it. I’ll self check out! Living an almost non quality of life just isn’t worth it to me. I’ve told my family this, hope they will comply with my request.
My neighbor for a decade did just that. He had been a farmer his entire life, cotton, produce, beef, and mainly a dairy farmer. I grew to think of Jim as a grandfather. He was the type to shoot at you if he thought you were up to something and ask questions later. Many stories I could tell from the time I spent with him in his shop (he was also a Damn good fabricator). Jim had put down a many of creatures in his life that were old, used up, and in pain. Jim was 81 when his grandson found him in the barn. I had surveyed his land to divide up among the grandkids some 6 years ago. Jim, told me he was getting ready. It didn’t register to me at the time.
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Adam, post: 392413, member: 8900 wrote: ..Jim, told me he was getting ready. It didn’t register to me at the time.
I have a certain amount of reverent respect for maintaining control of your life all the way to the end. Taking yourself out is a big step and I pray I’m never faced with that decision. According to my life insurance policy suicide is a no-no, so I’ll probably be faced with “accidentally” falling into the path of an oncoming semi while out surveying. Accidental death and/or dismemberment pays out double to mama…woohoo!…
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