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Politics : Politics for Pros- moderated

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To: John Carragher who wrote (120822)	6/19/2005 5:36:20 PM
From: Ilaine	Read Replies (2) of 793782

It's called "Medicaid spend-down." There are lawyers who specialize in helping you negotiate the loopholes. Me, I'd rather you bought long-term care insurance. That's what I am planning on doing, but I am not quite there yet. The older you are, the more expensive it is. Soon. Maybe age 55. Right now I have $500K term life insurance with the kids as beneficiaries (trusts, actually) -- I think it might make more sense, once they graduate from college, to use those premiums for the long term care insurance instead. Medicare doesn't pay for long term care, you need to be impoverished, then Medicaid kicks in, but the facilities it pays for are not the best. Becoming legally impoverished is what we're talking about when I say "Medicare spend-down."

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