Money Talks….

Thank you for joining this issue of Money Talks….  We are continuing our talk regarding Long Term Care.  Sometimes I hear people response to Long Term Care Insurance is, “I will let the state take care of me.”  But do you really want the state to take care of you??  Do you want to give up your independence?  Your assets?  Your options?

In the state of Illinois you have certain income and assets limits in order to qualify for Illinois Medicaid.

·        Individual:  $1,133/month income; $2,000 assets

·        Married both applying:  $1,526/month income; $3,000 assets

·        Married but 1 applying: $1,133/month income for the applicant; $2,000 assets for the applicant; $109,560 assets for the non-applicant

Seniors who have assets over the Medicaid asset limit will need to spenddown extra assets in order to qualify for benefits.  Assets cannot be gifted or sold under fair market value.  Illinois has a 5 year look back period.

While receiving Medicaid benefits for nursing home you will be allowed $30 each month you reside in a nursing home.  Upon your death, Medicaid can put a lien

on your home and sell a senior’s home to seek repayment of services.

Options of where care is given is limited.  It all depends on the number of Medicaid beds available.  There is nothing saying you will be close to home or family.  Also, the quality of care is unfortunately different from those patients who are not on Medicaid.  A lot of facilities will not accept Medicaid due to the fact that it takes over 9 months for them to receive payment.

Long Term Care insurance provides you choices.  Choices of where you receive care from and the quality of care that is provided.  It protects your assets.  It is better for you to make that choice then the state to decide who gives you the care and the quality of the care.

Until next time,

Diane