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Biotech / Medical : Ligand (LGND) Breakout! -- Ignore unavailable to you. Want to Upgrade?

To: Arthur Radley who wrote (10582)	10/31/1997 10:32:00 PM
From: Andrew H	Respond to of 32384

>>The medicare/medicaid rules are that if you remove any assets from your estate within a three year time period before you apply for such aid, it is their continuation that you have removed these assets to avoid paying for your nursing home care or other medical needs. << That's pretty outrageous. In such a case do they pay nothing at all? Don't they pay something even if you have money in your estate?

To: Arthur Radley who wrote (10582)	10/31/1997 10:33:00 PM
From: lavalamp	Read Replies (2) \| Respond to of 32384

Tex, I believe I have seen some issues involving this rule. If it is not too late to help you, I will do a little research and get back to you via email on my findings.

To: Arthur Radley who wrote (10582)	10/31/1997 10:55:00 PM
From: Zeuspaul	Respond to of 32384

A cousin recently consulted a lawyer specializing in elder issues; her situation was similar. She had "gifted" ten thousand dollars to seven of her children within one year of having to make nursing home payments for her husband. The lawyer stated that for every five thousand dollars "gifted", she had to pay one month of nursing home expenses. After the 15 months of payments (and her other assets spent down to the $80, 000 allowed to be retained by a spouse she could then apply for Medicaid. This application is expected to be rejected initially and won on appeal within 4 months. This process is still pending so I don't know if it is really going to work.

To: Arthur Radley who wrote (10582)	11/1/1997 10:03:00 AM
From: Beverly M	Read Replies (1) \| Respond to of 32384

Texas, having been the nursing home route with both parents in the last few years, I sympathize wholeheartedly. Yes, the rules are getting stiffer, Medicaid was supposed to pay for people who couldn't, and of course many people who could pay transferred their assets to their children so that the gov't would bear the burden. Thus the fairly new and stiff rules. Now any transfer of assets within 3 years of applying for Medicaid is penalized by creating an ADDITIONAL waiting period (which can be quite long) before benefits can begin. And I understand that in the case of joint assets, part of them are considered belonging to the other spouse...but for people with modest incomes what's left for that spouse isn't enough to live on. More and more I read that buying a good Long Term Care insurance policy, preferably in your early-mid 50's, is one of the best investments we can make. The premiums if bought at that age are less than $1K per year, the good policies have inflation adjustments, guaranteed rates for life (unless everyone's rates go up, they can't just raise yours) and most people at that age can pass the physical. Something for all us aging boomers to look into...not something you have to deal with any time soon for yourself, though! I wish you the best with your difficult situation. Bev