OK, dad "quit-claimed" his house to my sister and I over 10 years ago, and we just put him in a NH this July and applied for Medicaid. Since it is over the 5 year look-back, does that mean Medicaid cannot "count" the house as an asset? After he passes, will Medicaid try and collect any money? Besides this house (which is currently for sale) what if anything, can Medicaid charge us? Dad has no other income except Pension/SS which we are paying to the NH.
About the house sale, ask your Realtor if mortgage companies in your area are skittish on lending on QCD properties. QCD does not provide a guarantee of ownership, only a warranty deed does that. Sometimes a QCD will need an extra layer of title clearance for lenders. Which means more time to go to act of sale & costs to seller. You don't want a surprise & delay right before act of sale of you can help it.
The one thing I will add though, who do you think will be paying for your loved one's care? Yes, you are correct your fellow taxpayers. We do have to take care of those less fortunate, that is true but it is not a right for people to have free health care just because they took time to protect their assets many years ago. If you have the money you have to pay your bills.
This may not be a popular concept but in my book it comes under the same heading as the very rich hiding their assets in offshore bank accounts. O.K. I am wearing my helmet the pink one with "Nothing is free in this word" on the front.
There is one program that pays for decent long term care, it's called prison.
Would he have preferred to leave all of his money to the one Son, who has looked after him these last 13 years and his Mom before that, Sure, but we would never wish to take his money intended for his long term needs! We will get by on the money we've earned, and our own kids now understand that there will be no inheritance for them either! Tough life lessons!
Cinderella, even if there were support for a tax increase to expand care for the elderly, the politicians would siphon much of it off and direct it to pork barrel projects. I write that with some rancor, but also with of a sense of "that's how it is."
Zytrhr, there's a big difference between life care for prisoners vs. the aged. I don't know how you could make a comparison - it's not even close to the common used analogy of comparing apples and oranges.
Obviously, prisoners are incarcerated because they've committed crimes and need to be isolated from society. There's no gratuity involved; it's a matter of protection for society from them. That's hardly on a par with taking care of elderly people.
If every parent signed over their homes and life savings to their children, well in advance of their needing their own monies to live in Senior housing and care facilities, our government would be in an even worsen position then it already is! It's scary to even think about!
The question is, what are you going to do about it? I say, put your money where your mouth is and do something other than posting on a forum. You aren't going to change anything here.
Health care is also very expensive because of the cost of the state-of-the-art equipment that is available in hospitals and large doctor practice offices. For a state-of-the-art 3 Tesla MRI machine, the price tag to buy one $3M. And let's not forget the cost of the room to hold that MRI, it can cost hundreds of thousands more.
On an unrelated note, how do you ladies feel about some of the extraordinary medical services provided for prisoners? In my state, prisoners are allowed to have organ transplants, plastic surgery "to improve their self-esteem" and even gender re-assignment surgery on the government's dime. I believe that these folks deserve basic medical care, but it does bother me a bit that they get free services that hard working, contributing members of society may not be able to afford. Any thoughts?
Nor do I approve of the Club Fed benefits, even if the prisoners there are more of the white collar Martha Stewart, Ivan Boesky and Michael Milken type.
An interesting program was aired on PBS tonight which revealed another scam and abuse of taxpayer funds. I missed the title, but it addressed for profit colleges, like University of Phoenix. Apparently it and other similar for profit colleges exploited the real estate recession, as people tend to go back to college during recessions. They targeted people who probably wouldn't have gone to college otherwise and made a bundle of money.
These so-called colleges had sales teams (like telemarketers) contacting people who signed up online for information on colleges. The hustlers tried to convince people who were considered subpar (not the word they used - I don't remember their categorization) and probably wouldn't be able to get into any 4 year college.
One couple was a homeless couple who had been living underneath a viaduct. After signing up to go to college, and being advised they would get federal student loans, they moved their tent home to an area closer to college.
Obviously someone living in a tent would not be in a position to repay a loan.
Fast forward, and eventually the large number of "students" getting federal loans (applied by for the colleges themselves) came to the attention of federal legislators, who went after the colleges. Fast forward again, and another large private college as well as other smaller ones were shut down.
The end of the segment addressed the closure of ITT Technical Institute. The program was vague on whether or not ITT was engaging in the same unscrupulous practices, but the inference was it was.
Millions of dollars were granted in student loans that probably will never be repaid, to individuals who probably would have benefited more from vocational training.
There were especially eggregious instances cited. Three woman obtained "degrees" in nursing. One stated that her psych rotation consisted of time at the church of scientology. The pediatric rotation was a week in a day care center. I don't recall what the third was.
I recall that one never got a job with this so-called degree and eventually went to a real college for a real education.
The amount of tax dollars wasted, and obtained under dubious principles was in the millions.
Have you read/heard imprisoned Chelsea Manning has been approved for gender reassignment which taxpayers will pay for?
These people that wear their pink helments probably have never cared day and nite for a parent!!! My mither begged me to not put her in a nursing home, so like a good daughter i didnt, she agreed to pay me a wage so 8 would quit my job...... That was 10 years ago, i was 51 and now 61and will have no retirement ir much in social security when she is gone.
Im burnt out to say the least, its ruined my second marriage to the point we cant do or go anywhere without it costing a fortune!!! I no longer ever have me time, or us time or time for my kids and grandkids, im so so tired so if it takes medicaid to take care if a parent then do it, i wished i had done it all differently.
Besides look how many young people are on medicaid. It does not pay to work all your life to have a, decent life to have it all ripped away!!!
Sorry this is so long but peopke who do not step up to the plate like i did to take care if a parent gave NO idea!!!
I don't need to defend anything I wrote or explain the various levels of caregiving since 1999 for my now deceased mother and sister and my almost 100 year old father.
You're not the only one who's made a lot of sacrifices, or the only who's suffered and compromised financially.