How to Get the Government to Finance Long-Term Care

There are alternatives to nursing homes for senior citizens, and it is often possible to create care plans that keep older people in the community by caring for them in their homes. Medicare home-care and nursing-home benefits are much too limited to provide a complete solution to the health care ne...

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Bibliographic Details
Published in:Advisor today 1991-08, Vol.86 (8), p.150
Main Author: Strauss, Peter J
Format: Magazinearticle
Language:English
Subjects:
Beneficiaries
Financial planning
Health care
Institutionalization
Insurance agents & brokers
Long term
Long term care insurance
Medicaid
Medicare
Nursing care
Nursing homes
Older people
Planning
Target markets
Trusts
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Summary:There are alternatives to nursing homes for senior citizens, and it is often possible to create care plans that keep older people in the community by caring for them in their homes. Medicare home-care and nursing-home benefits are much too limited to provide a complete solution to the health care needs of senior citizens. The biggest problem with Medicaid is that one has to be indigent to qualify. Some nursing home patients qualify for Medicaid assistance by reconfiguring their assests and income to fit Medicaid eligibility criteria. A basic Medicaid plan involves the following: 1. estimating if and when nursing-home care and other Medicaid benefits will be needed, 2. making maximum use of exempt assets, such as by buying a home and paying off a mortgage, 3. making transfers before estimated penalty periods begin, 4. making maximum use of spouse protection provisions, and 5. thinking about the Medicaid impact of all transactions, such as settling tort cases, choosing retirement payout options, and choosing payment methods for insurance benefits.
ISSN:1529-823X