Posted on 11/13/2013 3:31:42 PM PST by Vince Ferrer
“So here’s the deal: since 1993 there has been a federal law requiring states to recover at least some of the costs of Medicaid-covered medical care for anyone 55 years old and up, from the estates of those covered. States enforce this law, with their own laws and policies added in, differently in every state. But the general principle is there. Up until now the usual consequence has been things like this: Medicaid puts a lien on the house of someone in a nursing facility who has run out of money, and after they die, the heirs find they have to buy the house back from the state if they want it.
We haven’t had lots of people younger than 65 on Medicaid, because in most states simply earning less than the Federal Poverty Level did not qualify one for Medicaid.
And we haven’t had many people with lots of assets on Medicaid, because in most places you have to have less than around $2400 to your name before Medicaid will cover you. You can keep your house and your car, but Medicaid reserves the right to put liens on them and take them when you die.
But now we have the Affordable Care Act, and its expectation that everyone in the lower tier of income will end up in the Medicaid system. To accomplish this, they have dropped the asset test. So now we will have lots of people ages 55-64, who have assets but not a lot of income right now, for whatever reason, on Medicaid.
The kicker of it is, if you make the right amount to qualify for a subsidized health insurance plan, your costs are going to be shared and subsidized by the government. But if you go on Medicaid, you owe the entire amount that Medicaid spends on you from the day you turn 55.”
Medicaid estate recovery: http://aspe.hhs.gov/daltcp/reports/estaterec.htm
Apparently Medicaid.
Sounds good to me. I think anyone who receives welfare from the taxpayer should be required to pay back whatever they can, whenever they can. There’s no reason that shouldn’t include any assets you have when you die. And no one’s trying to keep this a secret. This is something you should know before you accept the welfare. If you don’t like it, don’t take the welfare.
My question is this. If you’re on Medicaid at 55 and you have a reverse mortgage, who gets your house when you die, the state or Fred Thompson?
Not under Obamacare's Medicaid expansion. Obamacare removes the asset test because they want to "increase participation" in Medicaid.
But if you like your plan, can you keep it?
Yep, I’ve seen stories come through occasionally about the government seizing and selling homes of destitute old folks living in nursing homes at state expense.
The age to qualify for a reverse mortgage is 62. I am guessing the reverse mortgage company would get what is coming to them and the state would get anything left over. Asset rules vary from state to state.
Gotta push that meme, don't be a SHeeper and follow the leftist attacks, of that is assuming you wouldn't rather be lead by the nose by the leftists.
bump
OMG I did not know that, you are correct. Geez and thanks.
I looked it up. You are correct.
uhhh..... ok
And of course the government is warning people of this before they apply/s
A transfer to, say, children at least 5 years before the second spouse vacates the home might protect the property, but it exposes the home to creditors of the children.
The fact is that Medicaid is public welfare and the government has an obligation to recover costs from the beneficiaries of that welfare before sticking taxpayers generally with the tab.
Your title is about Medicare but the article is about Medicaid. Two different programs. Which one are you talking about?
This is one of the solutions for those who did not plan ahead to dump assets before the 5-yr reachback.
That's pretty weak, bro.
Tighten up, man. Handle it yourself.
Not “beat up” but rather “explain” to an ignorant individual. That can sometimes be a team effort. We all know you agree with him, and then some.
We who exactly?
And agree with "him" who exactly?
Tread carefully.
Or what? Get zotted?
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