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Do Seniors Hide Assets To Get Medicaid Long-Term Care Benefits?

Thursday, April 25, 2013 - 10:38 AM
There is a widespread belief that seniors, in cahoots with shady lawyers and greedy children, hide their assets so they can receive Medicaid long-term care benefits.  It turns out that this image—sort of the greedy geezer equivalent of Cadillac-driving welfare queens—is largely an urban myth.

Do Seniors Hide Assets to Get Medicaid Long-Term Care Benefits? - Forbes
ShorebreakShorebreak2,674 posts since
Apr 6, 2010
Rep Points: 14,510
1. Sunday, April 28, 2013 - 12:15 PM
I think the article makes a good point.  I was recently speaking with someone about what they intended to do about their inheritance if they ended up having to go into a nursing home because they got sicker.  The answer was "What good will money do me if I am in a Nursing Home and too sick to enjoy it?"  One does hear about Medicaid "Spend Down" etc. a lot when you speak to attorneys but it's not like you are preparing to go on a jaunt to Hawaii!  For this reason, I think we should save, and enjoy what makes us happy "now" and IF we end up in a NH, we may be broke but we will at least have happy memories as we lay in that God-Forsaken bed for what we hope will be a "short" rest of our life.    People who desperately do the Spend Down thing do it to try to have something for their children when they are gone.  My feeling is give as much as you can legally to them while you are still here and can watch them maybe have a better life.   Money is just a means to a way and if we take the wrong way, we can spend eternity regreting our choices.
paoli2paoli21,400 posts since
Aug 10, 2011
Rep Points: 6,132