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 Hugs to You
Posts: 7550
   
Location: In The Land of Cotton | Not that I am for either way - but why is it that putting assets into trusts, etc., is considered hiding to some people?
Should the people who paid into medicare and chose to save be denied the use of this money (medicare)? If using all available assets to pay for the care, what about the surviving spouse who's name is joint on all accounts? Is their assets taken too? Won't they need it for their daily living?
Doesn't everyone get the same treatment no matter if they are self pay or straight medicare?
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  The Original Cyber Bartender
Location: Washington | 3canstorun - 2015-03-27 6:58 AM Not that I am for either way - but why is it that putting assets into trusts, etc., is considered hiding to some people?
Should the people who paid into medicare and chose to save be denied the use of this money (medicare)? If using all available assets to pay for the care, what about the surviving spouse who's name is joint on all accounts? Is their assets taken too? Won't they need it for their daily living?
Doesn't everyone get the same treatment no matter if they are self pay or straight medicare?
I agree 3canstorun, IMHO having a living trust is not hiding anything. It's protecting your assets. I lived through this with my parents, thrilled that some feel that these nursing homes have the right to know your net worth, but they don't and as a whole this industry is lacking on all fronts. I never said not to pay the bills....never. If the bills were not covered by what my parents had we paid them. |
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Hugs to You
Posts: 7550
Location: In The Land of Cotton | fatchance - 2015-03-27 10:29 AM 3canstorun - 2015-03-27 6:58 AM Not that I am for either way - but why is it that putting assets into trusts, etc., is considered hiding to some people?
Should the people who paid into medicare and chose to save be denied the use of this money (medicare)? If using all available assets to pay for the care, what about the surviving spouse who's name is joint on all accounts? Is their assets taken too? Won't they need it for their daily living?
Doesn't everyone get the same treatment no matter if they are self pay or straight medicare?
I agree 3canstorun, IMHO having a living trust is not hiding anything. It's protecting your assets. I lived through this with my parents, thrilled that some feel that these nursing homes have the right to know your net worth, but they don't and as a whole this industry is lacking on all fronts. I never said not to pay the bills....never. If the bills were not covered by what my parents had we paid them.
Fortunately for us, our parents took out nursing home insurance when it was available and also have pass-through trusts.
They worked hard for the money they made and their thought process was that bills needed to be paid, but there was no reason not to protect what they made. |
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Expert
Posts: 1956
Location: Ky | 3canstorun - 2015-03-27 8:58 AM Not that I am for either way - but why is it that putting assets into trusts, etc., is considered hiding to some people?
Should the people who paid into medicare and chose to save be denied the use of this money (medicare)? If using all available assets to pay for the care, what about the surviving spouse who's name is joint on all accounts? Is their assets taken too? Won't they need it for their daily living?
Doesn't everyone get the same treatment no matter if they are self pay or straight medicare?
Medicare has nothing to do with it. Medicare doesn't care if you are worth millions. They are gonna pay.
The issue comes up when wanting to get mediciad to pay for doctor and hospital and Rx and nursing home care. That is based on income and assets. If you want to state for your health care then before the taxpayers foot the bill they need to know if the person can pay it themselves. You can put money and assets into a trust to protect it from mediciad but you have to do that at least 5 years before you try to get medicaid.
With the exception of a funeral trust. You can assign your life insurance to a funeral trust or prepay your funeral in a trust and you don't have to do that 5 years prior. But there are limits to what you can protect that way. I work Ky and Indiana primarily so I know Ky's limit is $15K and Indiana's is $10K.
I have mixed feelings on it and I see where it makes people make decisions that they would not normally make but the bottom line is that medicaid is available because those of us not on it are paying for it. It shouldn't be easy to have us pick up the check. |
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 Extreme Veteran
Posts: 403
Location: Armuchee, GA, NW section of Ga | Exactly! Medicare and Medicaid is two totally different payer sources. And unfortunately people do not think about saving/protecting/hiding/placing into trusts....their assets until they have immediate health issues thus thinking that Medicaid should pay for that care they need. And you are correct too about having assets out of their name 5 years prior to the need. I agree with you about everything. Too many people on Medicaid and not enough people working to support the people on Medicaid.
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