Nursing home and home health costs have been rising at a rapid rate for several years. Yet people are still shocked to discover that, in many states, the annual costs of nursing home care or the equivalent amount of home health care is $75,000…and climbing fast! Many still don’t understand that Medicare and Medicare supplement insurance only pays for short term, skilled care. We’re expected to pay for the rest from our savings, with funds from other family members, or from the benefits of a separate long term care insurance policy. When they discover this harsh reality, they wonder if they can protect their home and their life savings without using them to pay for the costs of a chronic illness.
As eldercare consultants we are often asked if it’s possible to get the government to pay for their long term care costs. The answer to this question is often “YES… But…”
While both federal and state governments have been tightening the rules and plugging many of the loopholes, it is still possible to use perfectly legal devices such as so called “Medicaid Trusts” to hide certain assets and become “legally impoverished”.
While this can be a complicated legal process and should not be attempted without consulting with an attorney who specializes in this area, it is still possible to accomplish the goal of “artificial poverty”.
Be aware that succeeding in this effort can be a dubious achievement and may cost you dearly. The price? Your independence and freedom to choose where you receive your care. It’s important to understand (if you haven’t already figured it out) that the quality of care and the options you have available depends on whether you can pay the bill yourself or whether you rely on government funding to pay for your care. The evidence is now overwhelming and undeniable.
HERE IS WHAT TO LOOK FORWARD TO IF YOU ARE SUCCESSFUL AT PLAYING THE MEDICAID PLANNING GAME.
Those who are dependent on Medicaid and other sources of public funding get lousy care, very little care, or no care at all. As the editorial section of this issue describes in well documented detail, nursing homes that rely on Medicaid funding are seriously understaffed, their personnel are often poorly trained. And the situation is expected to get worse, not better.
If you are hoping to get publicly funded services at home, don’t hold your breath. These services have always been under funded. Many needy elders and other disabled adults often languish for months on waiting lists, even when they meet the eligibility guidelines. When service finally becomes available, it is typically much less than needed. The publicly funded employee serving as your care or “case” manager will likely be someone with little training or experience, carrying a “caseload” of 75, 80 and in many cases more than 90 people with needs as complicated as yours.
Those who have the resources to pay privately can choose to remain at home rather than be forced into an understaffed nursing home. They can choose from several assisted living facilities that offer a far better environment and quality of life…very few assisted living beds are paid for by government programs.
Those with control of their assets, or who wisely purchased a long term care insurance policy, have the option of hiring professional geriatric care managers. Nurses and social workers who have the expertise and the independence to advocate for you, rather than employees who are dictated to by government funding sources and prevented from fighting the system on your behalf.
Want to learn more about long term care insurance? Take a self guided on-line tutorial at our web site. Simply go to the home page at www.elderlifeplanning.com and click on the long term care insurance button. The tutorial is for informational purposes and does not endorse any specific insurance company. |
