There is a look back period where they (Medicaid) will claw back the trust/estate if those people apply before 5-8 years have passed. So, if someone is doing that in their 70’s they are probably behind the game a bit.
There seems to be a cultural thing in this country where people are not expected to use their assets to pay for their care and/or the care of their loved ones. Medicaid is not going to kick anyone out of their homes. But they will slap a lien on the asset after you are dead. And I don’t see that as a negative thing.
We are a greedy country when it comes to these things. I happily sold my mom’s house and paid every penny to the nursing home over the years that she required it. The people that cared for her deserved every dime.
My siblings were not thrilled. But if your retirement plan is based on your parent’s assets…then you are an idiot.
I’ve seen the difference in the quality of care given to folks paying their own way in residential care and folks who are Medicare/Medicaid dual eligibles.
All I can say is that if you’re one of those gaming the system to get Medicaid, you’d better pray your kids love you.
Because you’ll get the quality of care you’re paying for.