Do not let anyone forget about the Estate Recovery that is applied to Medicaid in obamacare.
Now that folks can choose (and will be forced onto) Medicaid even tho they have a paid for home, Roths and IRAs and other savings that can add up to quite a potful, Estate Recovery has real meaning.
This means that when a person on medicaid dies, his estate will be taken for all medicaid charges, the ‘premium’ (that will be whatever the IRS decides it wil be), all medical charges incurred and some state charge that is added on, for the covered person between the ages of 55-64.
This means that the remaining spouse, when she tries to sell the house, will find there is a lien on it by the IRS, that the money she and her spouse saved for 40 years for their retirement has been taken by the IRS, and that she is penniless in her old age.
The obama administration has found a way to steal the pot of money that they have coveted for years. Boomers and their parents have been the most ‘saving’ generations, and there is a huge amount of money that the left has drooled over for years and years.
The problem is, if you are able to get into obamacare, and you put in an income below about $15,000, you will be offered a hideously expensive plan, with no subsidy, and when you are told you are eligible for medicaid, apparently you can’t escape being PUT onto medicaid, and I don’t know how you would get off of it. You can’t stop paying your premiums because you aren’t paying any (until you die, that is), and from the sounds of people who have been put onto it, they didn’t have an option to refuse.
These will be folks who have substantial savings and no or very low-paying jobs, who, if they knew the ramifications of being on medicaid (and probably didn’t want to be in the first place, preferring to pay cash for doctor visits) would certainly NOT want to be on it.
People need to be aware of this pitfall.
I believe, but please tell me if you are sure, that applies to MediCARE as well, right? If I remember, some states currently have the mechanisms to go after estates, and others do but haven’t started enforcing them YET.
Long term care will drain every boomer of the majority of their assets. My parents insist they want to die in their house, and be left alone. That’s their hope, but who knows, and the Obamacare shark is out there circling in the water waiting to chomp down on all the money they’re too stubborn to spend.
God forbid the grandkids are left anything but a picture.