>>I used to hear of elderly Asian immigrants shifting their assets to their children so they could get medicare, housing assistance, food stamps, and so on. <<
Not Medicare, but Medicaid. As long as one pays social Security and then he/she has to pay for Medicare fund, and then Medicare Part A is a given. Those who transfer the assets to their offspring are to be eligible for Medicaid, which is for the poor people only, and have an asset requirement (cannot have >$1,000 - 3,000 (depending on dif. states) asset under their own name (including the car). In terms of house, if they took money from Medicaid, then after they pass away, the state takes over the house, and sell it to make up the money they use from Medicaid, if there is anything left, then offspring can have it. But in a lot of cases (if they stay in a NH), then there will be nothing left, since one year of NH will cost the state anywhere from $35,000 to $50,000. And a lot of people do not know this before they send their parents to NH. They thought it is just "free money".
Not only some Chinese transferring the assets to their children, people of other ethnic groups do this too, yes, including the White. Although Chinese culture may play a role here, that is there is MORE trust bet. parents and children, that they are not afraid to be mistreated after they transferring their assets to children. I don't think there is as much trust bet. parents and children among other ethnic groups as in Chinese (maybe Asian in gereral). But again, far fewer Chinese EVER send their parents to NHs compared to other ethnic groups. Chinese children take their own responsibilities in terms of their parents. And the majority spending of Medicaid ARE in NHs. |
