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Thread: Sale of Parent's Home

  1. #13

    Default Re: Sale of Parent's Home

    I would look closely at rules for Medicare/Medicaid. To my knowledge, Medicare for 65 and older, is just health insurance. It pays for nursing home rehabilitation services after you spend 3 days in hospital and covers 100% for 21 days and thereafter pays 80% for up to 90 days for that stint. Your father would be liable for the 20% coinsurance after 21 days. If he has supplemental insurance, you should look at what they pay on coinsurance and for how long. Example..FEHB- BCBS, which you can keep after retirement will cover the coinsurance but only out to day 30, then you must pay the daily of about $148 per day. And after the 90days it is anyone's guess what the cost is per day since the 80% is no longer paid by Medicare.

    Also, if you re hospitalized or must go back for more nursing, the 90 day clock does not restart until you have been out of a facility for 60 days. So when you start getting very sick, this is when the expenses mount. To my knowledge, Medicare does not pay for long-term nursing care at all. It must be associated with a hospital stay.

    Regarding Medicaid, for needy, you must meet income eligibility criteria and that program does offer long term nursing assistance. To qualify, you pretty much cannot have much in terms of assets. I believe these requirements depend on what State you live in. Medicaid is a State-administered Federal program (Feds just cost share but have strings on basic program requirements but States craft their own program. I know here in Texas they look back 5 years for assets that were disposed of to determine eligibility.

    Also, I'm not sure how one can qualify for need if monthly retirement income is too high. Really need to look into all of that in your State. Now would be good time to look into that before health deteriorates. Many people try to divest of their assets before they get very sick. So for example, cash can be gifted but probably property that would not go to State would be just a homestead. Once home is converted to cash, it can present a problem. it might be best for him to gift the cash to family that will care for him later...up to amounts that avoid taxation if possible. Call your State Medicaid office and they should have brochures and there are likely non- profits that advise public on how to qualify once someone gets very ill/ disabled.
    Don't take my comments as trading advice /IFT: 2-13-24=100G/https://www.theepochtimes.com/ & http://www.ewg.org/PermaCharts@p430#5159/strategy#4918p.410

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  3. #14

    Join Date
    Jun 2004
    Location
    Boiled Peanut, Georgia, USA
    Posts
    76,383

    Default Re: Sale of Parent's Home

    How can this be, Medicaid is free? They rape our old folks and don't even thank them!



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