“Medicaid annuity’ may be a useful option when your spouse needs nursing home care”

“A ‘Medicaid annuity’ may be a useful option when your spouse needs nursing home care,” by Sarah O’Brien, CNBC

 

Quote:

“Medicare generally doesn’t cover long-term care. The median monthly cost of a private room at a nursing home is more than $8,800. Medicaid steps in to help with that expense for people with limited assets and income. For couples who face depleting their own assets, using a Medicaid-compliant annuity could be a way to preserve assets and still qualify for Medicaid.”

 

LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:

How can private LTC insurance compete with national media stories like that? LTCI carriers should support the Center for Long-Term Care Reform’s public policy advocacy to close Medicaid loopholes and use the savings to incentivize responsible LTC planning.