Originally Posted By: JHZR2
Originally Posted By: Cutehumor
Originally Posted By: Chris142
Originally Posted By: Cutehumor
does he have medicare or medicaid? the government will pay for nursing home placement for him. finding an Alzheimer's nursing home should be responsibility of his insurance plan.
They put a lien on the property. Trying to keep that from happening.
oh, I forgot. if he has assets, they can do that. I wonder how many people know that. if you end up in a nursing home paid for the by medicare or medicaid, they take your assets as collateral. if your paying 3 grand a month, that's 36k/yr. if he lives another 5 years, your paying $180,000 out of your pocket. it almost makes sense for someone not to work or hire a babysitter or home health aide on the cheap to watch him.
Huh? Sorry to go OT a bit, but if they are PAYING then why do they need collateral? If Medicare is LENDING the money with expectation of repayment based upon sale of assets at some end point down the line, then it doesn't sound like it is really payment in terms of a benefit, but rather just a loan...
Yeah, bro. I didn't know about the collateral thing either. I'm not sure exactly how it works, but the government will take your assets. I work for a medicaid insurance plan, lots of people avoid sending their elderly parents to nursing homes because they have to sign over their parent's payed off house, social security checks, disability checks, or retirement pensions. I'm not sure what else is involved because I don't work in the nursing home area of our insurance plan. A co-worker who works in our long term part of our insurance plan told me the same thing. I think to get any health insurance plan to pay for nursing home placement, you have to buy long term care health insurance. traditionally, commercial health insurance plans only pay up to 90 days of nursing home placement. I think Medicare is 6 months max in a nursing home. not 100% sure though.
I found some info on it on medicare website.
http://www.medicare.gov/longtermcare/static/PayingOverview.asp