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Started By
Message
re: Haynesville Shale Debacle
Posted on 7/22/08 at 4:00 pm to lorilemaris
Posted on 7/22/08 at 4:00 pm to lorilemaris
It's Medicaid that pays for long term care. You must meet resource and income limitations for qualification. If property is sold at less than fair market value, or transferred with no money passing hands, Medicaid will penalize the resident by imposing a period of disqualification for the funding for the care.
You first need to see an attorney to get good, solid, informed advice as to the ramifications of all of this with your grandparents' particular circumstances in mind. Then you can decide whether to do the lease or not, and how to spend the money or not. In some instances, it might be worth it to make such a transfer of property and just suffer the consequences.
Look for an attorney who does Elder Law work. It's a pretty specialized and complex area.
You first need to see an attorney to get good, solid, informed advice as to the ramifications of all of this with your grandparents' particular circumstances in mind. Then you can decide whether to do the lease or not, and how to spend the money or not. In some instances, it might be worth it to make such a transfer of property and just suffer the consequences.
Look for an attorney who does Elder Law work. It's a pretty specialized and complex area.
2
Posted on 7/22/08 at 8:11 pm to rita205
quote:
It's Medicaid that pays for long term care. You must meet resource and income limitations for qualification.
That's what I was told. When people recieving Medicare require care that exceeds what Medicare is willing to pay, the institution then applies for Medicaid. It depends on whether or not an individual qualifies for Medicaid.
I'm not sure if equating Medicare to welfare is a valid one. Medicare has many limitations.
In some cases, equating Medicaid to welfare can be a valid one.
Posted on 7/23/08 at 11:40 am to rita205
quote:
It's Medicaid that pays for long term care. You must meet resource and income limitations for qualification. If property is sold at less than fair market value, or transferred with no money passing hands, Medicaid will penalize the resident by imposing a period of disqualification for the funding for the care.
You first need to see an attorney to get good, solid, informed advice as to the ramifications of all of this with your grandparents' particular circumstances in mind. Then you can decide whether to do the lease or not, and how to spend the money or not. In some instances, it might be worth it to make such a transfer of property and just suffer the consequences.
Look for an attorney who does Elder Law work. It's a pretty specialized and complex area.
This is basically what I told you on the first page of your thread. If they're in long-term care, it's Medicaid (a state program funded with federal dollars) that is paying the bill. Medicaid pays after a set amount of resources are used up by the recipient.
Remember that the state WILL seek to recover their costs upon the death of your parents (not before) even if that means a lien on the home and property. But they're only looking for their costs back. I'm thinking that due to the complexity of oil and gas leasing and royalties, you should preemptively seek the advice of an attorney experienced in Medicaid Estate Recovery and make a plan.
Contrary to the ranters here, I think Stewart intends that Uncle Sam gets his dues out of the proceeds if Stew gets lucky with the HS.
And Stewart, for all the God-fearing Tax-Payers on this thread afraid they're losing their hard-earned tax dollars to you--get their address and mail each of them their one-penny share back.
This post was edited on 7/23/08 at 11:41 am
Posted on 7/23/08 at 6:28 pm to gingles
OP used the term Medicare.
I think sometimes people get Medicare and Medicaid confused.
I think sometimes people get Medicare and Medicaid confused.
Posted on 7/23/08 at 6:30 pm to gingles
quote:
And Stewart, for all the God-fearing Tax-Payers on this thread afraid they're losing their hard-earned tax dollars to you--get their address and mail each of them their one-penny share back.
@ that.Posted on 7/25/08 at 8:47 am to lorilemaris
This subject should be of intrest to people in their 50s and 60s. This is really something to think about. I do think people should pay their own way if possible. I understand the fact that they have worked all their life and do not care to give it all away to long term care. I think that long term care is redicioulsy priced expecially for the care given or not given!!
To try and avoid this situitation for our children, my husband and I took out a long term care insurance policy that pays directly to us and should cover the expense. That is something that people should look into now for the future to protect their assets for their children.
The policy cost us about $115 a month, but if nothing else, I don't feel like I'm cheating anyone. I really want my home and land and assets to stay in the family. I don't want my children to feel that they have to burden their busy life with my care. They may not be able to give me that care, who knows!!! Anyway, it's something that people need to look into now if possible. MORE INSURANCE !!!!! A little more peace of mind.
To try and avoid this situitation for our children, my husband and I took out a long term care insurance policy that pays directly to us and should cover the expense. That is something that people should look into now for the future to protect their assets for their children.
The policy cost us about $115 a month, but if nothing else, I don't feel like I'm cheating anyone. I really want my home and land and assets to stay in the family. I don't want my children to feel that they have to burden their busy life with my care. They may not be able to give me that care, who knows!!! Anyway, it's something that people need to look into now if possible. MORE INSURANCE !!!!! A little more peace of mind.
Posted on 7/25/08 at 9:13 pm to Hat Tricks
quote:
Medicare currently pays for this.
Are you sure it is Medicare and not Medicaid? The two are different programs, and the repayment requirements are different too.
Medicare doesn't pay much for long-term cars, but Medicaid does. Are your grandparents bills being paid by Medicaid instead?
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