Continued from Medicare And Medicaid-Advantages-Disadvantages
As we mentioned, Medicaid is for poor
people. Unfortunately, there are now lawyers who want to make rich people
look poor as far as Medicaid is concerned, so they don't have to pay for their
long-term assisted care. Having been in Medicaid facilities, I can tell
you it takes the utmost of greed to make someone subject themselves or their
"loved" one to this level of care if they have the money to do otherwise.
This care is a wonderful thing if there are no other alternatives, but it ain't
the Hilton. Still, many misguided people have paid lawyers thousands to
hide their assets so they can enjoy their remaining years at taxpayer's expense.
Here's why I think this is one of the most stupid things someone with money can
1. They can afford to do better. $ 4,000 per month will cover all living expenses for assisted living and most skilled nursing situations not covered by Medicare. In most US locations, it would cost far less for a luxury assisted living suite. If you have $ 1,000 per month total retirement income and $ 300,000 net assets (below average US home value) earning Money Market interest, your estate would last over 10 years before you needed Medicaid. The average time someone stays in assisted living before they pass on is 2 years...less than 5 % stay longer than 10 years. The more assets someone has, the less sense it makes to dispose of the money and live off the dole. If you need assistance to live, it's likely you won't outlive your assets. If you do, thank God your needs will be met by Medicaid. You want to leave your assets to your children? If they love you enough to deserve your money, they would rather you spend it to have the best quality of life in your remaining years. This is the principle meaning of "Honor your father and mother."
2. It robs younger people who earned the money and who have less, by forcing them, through taxes, to pay bills you could pay. When did we get the idea that we weren't responsible to pay our own way in life?
3. Even if you find "legal" ways to do it, it's immoral. If you're a family member being asked to take part in this, say "no", or at least use some of the money to get your own lawyer to make sure you aren't committing Medicaid Fraud.
4. It teaches your children and grandchildren the wrong things about personal responsibility and gives them a really bad last look at you and your character.
Finally, we in the US are lucky enough to live in a country where we'll get necessary medical and assisted living care regardless of age and financial ability. This doesn't mean we have nothing more to worry about. This is a very frightening time of life, not knowing from one day to the next what will change, controlling less and less of your life. Fortunately, we have someone who loves us and will help us get through. That someone is God. If you want help from God, click on Healing From God.
Health And Fitness
Elder Medical Care
Health Estate Planning
Living Trust-What Is It
Living Will-What Is It
Medicare And Medicaid
Power Of Attorney