“My uncle with dementia needs long-term care — should I refinance his house?”

“My uncle with dementia needs long-term care — should I refinance his house?,” by Quentin Fottrell, MarketWatch

“Here are some of the myths associated with Medicaid. And, as I mentioned in my previous response, take the necessary steps to become his power of attorney that allows you to make medical and financial decisions on his behalf. Medicaid, for those who qualify, pays for more than half of long-term care expenses. Nearly 20% of Medicaid expenses currently go to the elderly, primarily for long-term care, as so many people in your uncle’s position exhaust their savings and assets in an attempt to pay for care.”

LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):  Click through to those Medicaid myths and you’ll see how easy it is to preserve wealth and still qualify for LTC benefits. (It’s really much worse than that piece says.) So why the contradiction in the last sentence? If Medicaid did require impoverishment and people really were “exhausting their savings and assets” to qualify, LTC insurance would be a product in heavy demand and Medicaid wouldn’t be such a fiscal catastrophe.

Mississippi not talking about the wealthy people on Medicaid

#goldencareagent

#dementia