“May a Medicaid Applicant Freely Transfer Assets to a Disabled Child of Any Age?,” ElderLaw Answers “I have read that a Medicaid applicant won’t be penalized for making transfers to a disabled child during the look-back period, but I would like to know if there is an age limit for the child. My mother has Alzheimer’s disease, and I am her agent under a power of attorney. I am considered permanently disabled by Social Security and collect Social Security disability benefits. Can my mother transfer assets to me without being penalized by Medicaid?”   LTC Comment (from Stephen A. Moses,
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“12 Reasons LTC Planning Matters to Women Year-Round,” by Margie Barrie, ThinkAdvisor “Margie Barrie, a veteran long-term care (LTC) planner and educator, has been writing articles about LTC finance issues for decades. Here she looks at women’s need for LTC planning services.”   LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Points well taken.
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“TCI Issuer Gets New President,” by Allison Bell, ThinkAdvisor “Patrick Prichard has taken over from Kevin Stutler as president of LifeSecure Insurance Company — one of the company that’s still writing stand-alone long-term care insurance (LTCI). … LifeSecure has put more emphasis on the sale of critical illness insurance and other non-LTCI products in the past few years.”   LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Congratulations.
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“Retirement saving delay is biggest financial regret,” by Lois A. Bowers, McKnight’s Senior Living “Seventy-six percent of respondents to consumer financial services company Bankrate’s May Financial Security Index survey said they have financial regrets, and not saving for retirement early enough was the most commonly cited financial regret. The regret was stronger as participants got older.”   LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Not saving will probably remain their biggest regret … until they need LTC insurance and don’t have it.
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“Washington is 1st state to allow composting of human bodies,” by Gene Johnson, Associated Press “Gov. Jay Inslee signed legislation Tuesday making Washington the first state to approve composting as an alternative to burying or cremating human remains. It allows licensed facilities to offer ‘natural organic reduction,’ which turns a body, mixed with substances such as wood chips and straw, into about two wheelbarrows’ worth of soil in a span of several weeks. Loved ones are allowed to keep the soil to spread, just as they might spread the ashes of someone who has been cremated — or even use
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“5 insights from NIC’s Middle Market Investor Summit,” by Lois A. Bowers, McKnight’s Senior Living “Several panelists shared insights about current and potential efforts to meet middle-income older adults’ senior housing and care needs on Tuesday at the National Investment Center for Seniors Housing & Care’s Middle Market Investor Summit in New York City. The event came as NIC released an analysis showing that reducing the annual cost of senior living by $10,000 could enable 2.3 million more older Americans to afford it, and reducing it by an additional $5,000 on top of that would enable 3.6 million more people to afford
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“Advisors create a game plan to prepare clients for this retirement expense,” by Sarah O’Brien, CNBC “Depending on the specifics of your situation, it could make sense to purchase some form of insurance or to self-insure — that is, rely on your own assets — to fund the unpredictable costs related to LTC. Outside of that, leaning on family members or spending down (or shielding) assets to qualify for Medicaid-sponsored nursing-home care are options.”   LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Let’s see, take personal responsibility or shield assets to get Medicaid? Such is
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“LTC insurer offering co-pays to blunt soaring premium increases,” by Greg Iacurci, InvestmentNews “In an effort to blunt soaring premium increases on its long-term-care insurance policyholders, one insurer is offering policyholders a discount if they agree to a co-pay on claims. John Hancock Life Insurance Co. is trying the new approach. It will start offering the co-pay option to policyholders later this year, which experts believe is a first among long-term care insurers trying to rein in rate increases. The idea is similar to that of a co-pay for medical insurance. For example, a policyholder might elect a co-pay, say
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“Social Security just ran a $9 trillion deficit, and nobody noticed,” by Laurence Kotlikoff, The Hill “Social Security’s annual Trustees Report came out recently, and it showed Social Security ran a gigantic $9 trillion deficit between last year and this year. The system’s long-term unfunded liability is now $43 trillion, up from $34 trillion last year.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): This is the best article on the Social Security crisis I’ve seen … and it comes with a credible solution.      
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“What You Need To Know About Washington State’s Public Long-Term Care Insurance Program,” by Howard Gleckman, Forbes Quote: “The most notable fact about this law is that it is the first in the nation. The details are far less important than the politics.” LTC Comment: When “the most notable fact” about a new government program is that “it is the first in the nation,” hold on to your wallets and pay attention to the fine print. Quote: “Only Washington residents age 18 or older who have paid the payroll tax for either 10 years without interruption of five consecutive years,
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