Rekombinant

For one thing, “financially destitute” is a tricky concept. If you are reading this book, you’re reading it so that you won’t be financially destitute, and I’ll tell you what I tell my clients: If your plan is to divest yourself of your assets should a nursing home become inevitable, please turn to another financial adviser. Historically, many people have made themselves poor on paper to qualify for Medicaid by transferring assets and try-ing to make it look as if their money has disappeared. This is a demeaning process and can be devastating to the spouse, if there is one, who remains at home. The spouse who needs long- term care is then sent to a Medicaid-approved nursing home, which is not necessarily a place where you want to spend your last days. These are often overburdened facilities, and quite simply, our government can no longer afford to fund them.
The Medicaid system is changing fast, and a bill has already been passed that makes it a criminal—yes, criminal—offense to give away your assets and then try to qualify for Medicaid during the thirty-six-month look-back period. The government is also urging us all to consider LTC insurance—for peace of mind, to assure quality care, for the freedom to choose, and for asset protection.
And if the government is trying to get out of the long-term nursing home business right now, you can be sure they will be out of it entirely by the time the baby boomers reach nursing home age. The good news in all this is that the government is also making it cheaper and more advantageous for us all to sign up for the care we might one day need.
Anna and Art haven’t had to use their long-term-care insuraiice yet, but their story ended up more happily than most such stories. They at least are protected, if the day comes when they need protection.