The Aging Community: What Are Your Plans?

[Kelt]

Originally Posted by Electrocell

Personally I would rather stay independent as long as possible. Rather die at home then in a nursing home or assisted living place. Both are expensive and with nursing homes (at least in TN) they make you either sell your property to help pay for the care if social security doesn't cover it all. So you have nothing left to give to whomever you want to give it too. If you don't sell it at least 5 years before you go into the nursing home they will go after that money also if you have it in the bank. Then dole out an allowance for you.

Was told some really sad stories about nursing homes in the area I live in by people that actually live in them. Not to mention the smells you smell when you are in them. They are always short staffed and under paid. Around $1500.00 + a month.Assisted living you are looking at $3000.00 + a month.
So I will take my chances at home with my niece coming by and home healthcare help.

A lot of retired people are doing reverse mortgages so they can continue living at home. I own my place free and clear so that might be an option for me if my retirement isn't enough to take care of the bills etc.

This is something I was just reviewing last night. The Medicaid Estate Recovery Program has been an option since 1965 at the inception of medicaid, and became a requirement for long term care over the age of 65 in 1993, but it has changed over the years and now with Obamamcare a lot of people are putting themselves in harms way without knowing it.

This happened to me this year, since they removed the asset restrictions to qualifications and depending on other circumstances you can end up with medicaid even if you don't want it. I had to do some pretty fancy footwork to get myself out of the system and into private insurance because suddenly I met a new benchmark.

In some states (it varies and changes frequently) this no longer applies to just long term care expenses, but can apply to any healthcare administered by medicaid.

An article at Factcheck.org sorts out some of the current confusion around this. << Linky

Anyone with heirs or partners and any chance of ever needing medicaid based assistance should be aware that this exists.