In a typical scenario, when I am no longer to care for myself due to illness or old age, and I have assets available, I check into a nursing home and pay the bills. When the money runs out my family can go through the arduous process of applying for Medicaid, and if I have followed all the rules over the past 60 months, the cost of my care from that point on will be covered by Medicaid.
What if I had no family? What if I didn't want to go through the Medicaid process? What if my family was incapable or unwilling to go through the paperwork. What if I didn't follow the rules? Maybe I bought new houses for my children 2 years ago. The money is no longer mine so the nursing home or government can't get it, but I didn't follow the rules, so I don't qualify for Medicaid. What would happen to me? Would they load me in an ambulance and take me..... where? Would they wheel me out to the curb and leave me? Would they put me in jail? Who will take care of me there? Will they administer a deadly drug? Or, would the state actually pay for my care in the end, regardless of if I followed the rules or not? What actually happens when the money runs out?
Wednesday, June 5, 2013
Long Term Care Expenses
I was just at a seminar about how to fund long term care expenses conducted by a LTC insurance broker. Obviously this guy has a product to sell and he used all the typical scare tactics to convince the audience that his product was the only way out.
One of the things that absolutely turned me off about this guy was his attitude about Medicare and Medicaid. Basically, if you depend on programs such as these, you are expecting someone else to pick up the tab for your expenses, while if you buy his product, you are taking care of yourself. This is pure bullshit. ALL insurance is based on expecting someone else to pick up the tab for your expenses. All insured people pay premiums and claims are paid to those who need it. Medicare and Medicaid are no different. All people pay premiums (included in their taxes) and benefits are paid to those who need it.
One of the things that absolutely turned me off about this guy was his attitude about Medicare and Medicaid. Basically, if you depend on programs such as these, you are expecting someone else to pick up the tab for your expenses, while if you buy his product, you are taking care of yourself. This is pure bullshit. ALL insurance is based on expecting someone else to pick up the tab for your expenses. All insured people pay premiums and claims are paid to those who need it. Medicare and Medicaid are no different. All people pay premiums (included in their taxes) and benefits are paid to those who need it.
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