“Taxpayers Protecting Inheritances”

“Taxpayers Protecting Inheritances,” by Grace-Marie Turner, Galen Institute


Quote:

“We try to keep an eye on hot health policy developments for you, but we also look ahead at emerging opportunities and dangers. Today we are focusing on the latter in an article just published in The Hill, written by leading long-term care expert Steve Moses and Galen Senior Fellow and Medicaid expert Brian Blase. The title says it all: ‘Using Medicaid to protect inheritances.’ … Here’s the issue: Many affluent Americans are hiring lawyers to protect their estates so they don’t have to spend their own money on long-term care.  Homes of more than $900,000 in some states, as well as retirement accounts of near unlimited amounts, can be safely tucked away to pass on to their children while the taxpayer pays for their nursing home care. … But here’s the news:  A Medicaid advisory board has a proposal to make the situation worse, recommending that Congress eliminate the requirement for states to pursue estate recoveries.  This will obliterate the incentive for seniors to arrange their financial affairs to plan for their own care with their own resources, such as purchasing long-term care insurance.

Read full article in The Hill:  https://thehill.com/opinion/finance/557675-using-medicaid-to-protect-inheritances”

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

We thank Grace-Marie Turner and the Galen Institute for highlighting this article.