Medicaid Squeeze Hurts Nursing Home Quality: Witnesses

Mar 19, 2019

  1. Northeast Agent
    Offline

    Northeast Agent Guru

    Posts:
    606
    Likes Received:
    348
    State:
    Pennsylvania
    Medicaid Squeeze Hurts Nursing Home Quality: Witnesses | ThinkAdvisor

    Why This Matters to Agents
    The nursing home quality issue is of vital importance of life insurance agents in the retirement planning sectors, because many clients end up using their annuities and life insurance-based savings arrangements to pay for LTC services.

    Even purchasers of short-term care insurance or stand-alone long-term care insurance may eventually exhaust their LTCI benefits and use Medicaid to pay for nursing home care.

    In spite of insurers’ efforts to expand sales of LTCI, and life insurance and annuity hybrid products that offer LTC benefits, Medicaid pays for two-thirds of all nursing home care, Grabowski said
     
  2. fed up
    Offline

    fed up Guru

    Posts:
    340
    Likes Received:
    188
    State:
    Virginia
    My family has had 3 seniors in and out of Rehab/Nursing homes over the past 10 years. I think the medicare pricing on a bed is around 150/day. Our seniors have worked hard and most want to leave something behind for their loved ones. The 5 year lookback on Medicare, premium for a LTC plan, fact that insurance doesn't pay for much time in a facility has led most financial planners down the road of cover the look-back and go on medicaid. If they want to truly fix the system, look at the billable items from the hospital/rehab side. $10 bandaids, $25 tylenol tablets, expensive Boards of Directors. Fix that and there will be more money available for care
     
    fed up, Mar 20, 2019
    #2
  3. Mr_Ed
    Offline

    Mr_Ed Guru

    Posts:
    2,070
    Likes Received:
    29
    State:
    New Jersey

    First, you might want to take a few minutes to understand the difference between Medicaid and Medicare.

    Second, my MIL's long-term care policy is covering the full cost of her assisted-living facility. She's already received in benefits 3x what she'd paid in premiums.

    Third, long-term care partnership policies are the perfect solution for the middle-class (except in CA, CT, and NY.) Those three states need to fix their programs.

    Partnership Program – LTCShop.com
     
    Mr_Ed, Mar 20, 2019
    #3
  4. fed up
    Offline

    fed up Guru

    Posts:
    340
    Likes Received:
    188
    State:
    Virginia
    I am well aware of the difference in Medicare and Medicaid, sheesh. Congrats on the MIL's LTC policy. I tried to get my FIL to apply and his attorney stated that he had enough assets and didn't need a LTC policy. After a fall and surgical recovery I cleaned him and fed him for 3 years with a Live in Aid at a cost of over $70K for 3 years. I tried to convince my parents to look at LTC or STC but by the time my Mother was done ciphering, they no longer qualified. A LTC policy purchased more than 15 years ago most likely does not have enough coverage to provide for 250-300 per day in care. A partnership program is great so long as there is enough money in the policy and far too many insurers have taken huge rate increases because hospitals and LTC facilities have become profit centers instead of Care facilities. I have explained to many people how to lower their coverage in order to keep their premium level and almost ALL insurance will pay out more than the premium received pending a disaster. But that doesn't fix the fundamental problem of an aging society, without LTC, faced with spending everything they have worked for because modern medicine has kept them alive too long.
     
    fed up, Mar 20, 2019
    #4
  5. Rob Lion
    Offline

    Rob Lion Guru

    Posts:
    469
    Likes Received:
    254
    State:
    Alaska
    Assisted living facilities (Which aren't covered by medicare) are typically 7k+ a month. Selling LTC in my experience is like selling life insurance people only want it when they need it and can't qualify for it.
     
    Rob Lion, Mar 20, 2019
    #5
  6. Mr_Ed
    Offline

    Mr_Ed Guru

    Posts:
    2,070
    Likes Received:
    29
    State:
    New Jersey

    If you're well aware of the difference between Medicare and Medicaid, why did you describe Medicaid in your prior post, but you called it Medicare. There's no "5 year look back on Medicare"!

    sheesh.
     
    Mr_Ed, Mar 21, 2019
    #6
Loading...