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Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: John Carragher who wrote (120822)	6/19/2005 7:38:06 AM
From: LindyBill	Read Replies (1) \| Respond to of 793790

nursing home payments for their elderly parents. This is untouchable. The children love it too much.

To: John Carragher who wrote (120822)	6/19/2005 1:36:46 PM
From: KLP	Read Replies (1) \| Respond to of 793790

I don't know John....I wonder just how many of the elderly who receive Medicaid payments for nursing home care had much, if any, assets in the first place? Remember, this generation is the Depression and WWII era generation, who sacrificed then, and later for their children's education. My guess is the majority of them don't have many funds at all. Maybe their children do, but my guess is that 95% of these elderly folks have next to nothing. Many of them lived in an era when they struggled to buy a house in the 1950's for $5,000, and even in the early 1960's, a nice 35 year old house in Seattle could be purchased for $17,500, with a view. I know several of the folks who did this...but they sold their houses, years before the land boom...They had to downsize as their incomes wouldn't allow the upkeep on the 35 year old house that became a 50-60 year old house by the time they sold.

To: John Carragher who wrote (120822)	6/19/2005 5:36:20 PM
From: Ilaine	Read Replies (2) \| Respond to of 793790

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."