Friday, May 06, 2005
Liz Pulliam Weston on Medicaid planning
[Liz Pulliam Weston, "Are the well-off ripping off Medicaid?," MSN Money, May 2005.]
MSN Money financial columnist Liz Pulliam Weston tackles a tough subject and urges readers considering taking the Medicaid planning plunge to ask themselves three important questions:
Now, we really are faced with a situation where needy people are being turned away, while those who had the means to pay for at least some of their care -- but who engaged in Medicaid planning -- will still have their nursing home bills paid by the government.
I would suggest if you're considering Medicaid planning for yourself or a parent that you ask yourself the following questions:
- Whose assets are they, anyway?
One of the reasons we accumulate a nest egg is to pay for our retirement years -- and that includes medical care as well as cruises. If your primary purpose in Medicaid planning is to pass more money to the kids, you might ask yourself if public funds should be used to fund an inheritance-preservation program.
- What about quality of care?
Federal law requires that nursing homes give Medicaid patients the same treatment as their private-pay counterparts. But many of the best nursing homes don't accept Medicaid patients, and those that do are allowed to assign them to less-desirable rooms. The difference between the quality of life in a private or semi-private room compared to an Alzheimer's ward can be considerable, so think about that if you're contemplating Medicaid planning for yourself or a parent.
- Are you walking your talk?
If you rail about high taxes and welfare cheats, it's a tad inconsistent to change the rules when you're the one who's asking for the government's help.
[Liz Pulliam Weston, "Are the well-off ripping off Medicaid?," MSN Money, May 2005.]
MSN Money financial columnist Liz Pulliam Weston tackles a tough subject and urges readers considering taking the Medicaid planning plunge to ask themselves three important questions:
Now, we really are faced with a situation where needy people are being turned away, while those who had the means to pay for at least some of their care -- but who engaged in Medicaid planning -- will still have their nursing home bills paid by the government.
I would suggest if you're considering Medicaid planning for yourself or a parent that you ask yourself the following questions:
- Whose assets are they, anyway?
One of the reasons we accumulate a nest egg is to pay for our retirement years -- and that includes medical care as well as cruises. If your primary purpose in Medicaid planning is to pass more money to the kids, you might ask yourself if public funds should be used to fund an inheritance-preservation program.
- What about quality of care?
Federal law requires that nursing homes give Medicaid patients the same treatment as their private-pay counterparts. But many of the best nursing homes don't accept Medicaid patients, and those that do are allowed to assign them to less-desirable rooms. The difference between the quality of life in a private or semi-private room compared to an Alzheimer's ward can be considerable, so think about that if you're contemplating Medicaid planning for yourself or a parent.
- Are you walking your talk?
If you rail about high taxes and welfare cheats, it's a tad inconsistent to change the rules when you're the one who's asking for the government's help.
Comments:
Post a Comment
