General Discussion
Showing Original Post only (View all)Can we talk Medicare and nursing homes? [View all]
Right now, as far as I know, if you go into a nursing home, you have to spend down all your assets before Medicare kicks in. A surviving spouse gets to keep the house, but I think everything else is up for grabs.
You can buy insurance - after you pay off the mortgage, get the kids through school, save for retirement, etc. Hey - your chances are 3 in 4 that you won't end up in a nursing home.
You can move your assets to the kids ahead of time - I'm not sure of the time limits. That's a great conversation to have -
"So, Dad, you aren't looking so spry these days. How about signing over the house and car while you still can?"
The kicker here is that even after you spend down all your assets, you end up on Medicare. So isn't it time to quit kidding ourselves that the government is saving money?