A few tasty tidbits I’ve learned

Considering I’m only in my 40s and had never given long-term care much thought, I may be one of the few who didn’t know the following facts.  Just in case you didn’t know, I thought I’d share a few things with you-

*Unless you’ve had a 3 day in hospital stay, Medicare will NOT pay for long term care.  In other words, Mom gets old, has Alzheimer’s or just can’t take care of herself anymore & needs to move in a nursing home…Medicare won’t pay unless she’s been sick & in the hospital (not just for observation either!) for 3 nights.

*If you own property, even if you’re dead broke, and you live in GA, the state will claim your property upon your death as recoupment if you end up using MediCAID to live in a nursing home.  Screw your will saying it all goes to the milk man, the state gets it.

*After that 3 day hospital stay, MediCARE only pays for 20 full days in the nursing home.  After that, you have to pay a copay for the next 100 days.  At our facility, that’s about $150.00 per day.  After those 100 days, it’s time to pony up the entire bill.  Our facility charges about $5200 per month for a semi-private room.  That doesn’t include cable, phone, hair cuts, nor most importantly, medication.

*If you have a MediCARE REPLACEMENT, it probably WON’T pay any of a stay at a nursing home.  Medicare ADVANTAGE plans are generally replacement policies.  (My mom retired from the state.  To keep her state retirement benefits, she was FORCED to accept Medicare Advantage and by doing such, she has no coverage should she need to go to a nursing home.)

*If you’ve owned property, but sold it within the five years previous to needing to move into a nursing home, you will be slapped with penalties.  If you’re healthy on your 65th birthday and give your child an acre of land, but have a debilitating stroke the day before you turn 71, you’re screwed. This applies to MediCAID, after those 120 days.

Get long-term care insurance if there is any way possible that you can afford it. Make sure you know what insurance you have ( A LOT of folks don’t know!) and make someone tell you what it does and doesn’t cover in SIMPLE ENGLISH.  The last thing you want to be hit with in a time that someone needs long-term nursing care is finding out your insurance isn’t worth a shit to you.

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6 Comments (+add yours?)

  1. Portia
    Mar 27, 2011 @ 00:09:34

    Great advice!!

  2. Lnda
    Mar 27, 2011 @ 09:44:11

    We found all of this out when my dad was in the home. Now, my MIL is in a home, for over 3 years, and she is on Medicaid. Before we put her in the home, she bought her funeral plan, and also the plan for her retarded daughter. We had to spend down her bank account to $2000, and we have to keep it there. She gets to keep $62/month from her SS, and can spend it any way she wants. She gets her hair done every week, a perm every 3 months, and then I buy out of her account anything else she needs. It is amazing how fast $62/mo can add up. When she dies, and after the services, I have to send a check to the state for any $ left in the account, even if it is only $1! I’m thankful we don’t have to pay it.

    She has 8 kids, one handicapped, and none of us could pay it, or even divided by 7, we couldn’t! I’m glad they can be cared for in a home.
    If everyone could afford it, and would put it away in an account, and never touch it, it might pay for a month in a nursing home!

    The charge for a home is about the same everywhere!

    We were thinking that our step-dad should be in a home. He is 90, and getting very frail, and forgetful. My sister found one in Annapolis where he lives. It looks out over the Chesapeake Bay, and the Academy, and costs around $5500/month. I told her our was about the same cost, and if the client is lucky, they can look out and see the back of Wal-mart!
    She decided to pay for 24 hour care. That cost a LOT more, but ….

    Sounds like you are enjoying your job!

  3. Lnda
    Mar 27, 2011 @ 09:45:41

    I forgot, my hubby and I both have insurance, which will pay after the first 3 months, and then for 3 years. Of course, it won’t pay for the full amount of the room and extras, so you’d better have some more money in savings, or rich kids!

  4. Rho
    Mar 27, 2011 @ 21:44:51

    From what I’ve discovered it’s next to impossible to get medicaid if you own property.

  5. snigsspot
    Mar 28, 2011 @ 00:41:11

    Not here. It’s hard, but not impossible. They just come along and take whatever you had after you’re gone.

  6. Old NFO
    Mar 29, 2011 @ 00:37:08

    Damn… Didn’t realize that. Thanks for the info/update.

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