Lot of questions there Lets just say that Medicaide is one of the single largest financial burdens on your state. Medicade is funded by OUR taxes!!!!!!!

Repeat: your Taxes pay for Medicaide. If my parents explained they were intentionally going to hide assets so that medicaide would pay for the care, I would tell them to ake a leap since they are basicly saying they expect me to pay for it.

 

I can see why it is a LARGE burden when people are working the system the way my co-workers explained. I guess they figure if they get caught they will return some of the $, but if they don't then they worked it just right.

It seems to be pretty common from the sounds of it... at least from what I am hearing just here at work.

Wonder what other countries do about who pays when it comes to nursing home residents.... do they have nursing homes in europe?

 

Europe for the most part has social medicine paid for by the government.

 

FWIW we tend to not want to think of the financial or emotional burden long-term care is so we look for ways around it as if "it will never happen to me". Any finacial advisor worth his/her salt will simply suggest a proper Long-term care insurance plan to avoid the financial burden and consequences LTC puts on families.

transfering assets to get around the lookback is "usually" a last resort once someone no longer qualifies for insurance or those that don't mind screwing the system.

With the aging population of America, get ready to hear quite a bit more on this topic in the news.

 

Are they really hiding the money? Not necessarily. You could look at it as also protecting their kid's inheritance. The kids are not necessarily hiding the money from the government, it was given to the kids in a legal fashion.

It's either that or all the assets of the parents get siezed when they apply for Medicade.


Which would you choose?

 

So it is better to make society pay for your care and make sure your kids get an inheritance.? Wonder why the system doesn't work.

What happened to being responsible and paying for yourself (especially if you have the means)



[QUOTE=rworne,May 18 2005, 02:53 PM]Are they really hiding the money?

 

Taking advantage of LEGAL loopholes is not stupid. NOT taking advantage is. If the gov't wants to stop it, they can change the rules. If you feel guilty, make a contribution to the US Treasury to reduce the national debt. It's even deductible.

 

Smart preparation of ones finances allows for quality care when needed and preserve the inheritance (if that is desired). Elliminates the issue of hiding assets, medicaid, etc

The problem comes from that belief that "it wont happen to me" and then finding out it DID happen to me. Then the individual looks for ways to make the taxpayers/medicaid pay for it.

 

still a loophole though....... pretty lame in my eyes....and I started with nothing and don't expect a dime from anyone for free......

How about...... in Las Vegas it is legal to nail a prostitute..... but do you do it? It is LEGAL....

 

Who's pocket does the government get their money out of?

I like your proper planning statement.