I Think All Seniors Should Have Long Term Care Insurance

Discussion in 'Money & Finances' started by Lon Tanner, Jan 17, 2021.

  1. Lon Tanner

    Lon Tanner Veteran Member
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    Medicare does not pay for long term care and I wouldn't want a dog in what's available for the indigent.
     
    #16
  2. John Brunner

    John Brunner Very Well-Known Member
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    That's true.

    It falls to the state level, doesn't it?
     
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  3. Von Jones

    Von Jones Veteran Member
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    You know, I remember my neighbors, mother and daughter, mother got sick and sought help from medicaid and was told she would have to sell her home. I'm certain I've shared this before. Well, she deeded the house to her daughter.
     
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  4. Nancy Hart

    Nancy Hart Veteran Member
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    States have different rules. Here, last time I checked, you couldn't do that if it was within 5 years of the time you applied for Medicaid. There was even a limit on the amount of cash you could give your children per year during this time period. I forgot what it was now. ($5000 rings a bell).

    I just checked out of curiosity, and it is even more stringent now than it used to be:

    "Individuals in Georgia are allowed to keep $2,000 when they apply to Medicaid for long term care. If they are over this amount, they must spend down on care. It is important to note, that individuals are not allowed to give gifts of any amount for a period of 5 years (60 months) prior to applying to Medicaid. "
     
    #19
  5. Von Jones

    Von Jones Veteran Member
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    Yep, that sounds about right. I don't know if she did get help from medicaid but the daughter is the owner of the house. It could have been willed to her.
     
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