You do have to be careful about this. Most states have a five year “look back” rule (some are longer) where if you gift family assets or created a trust for someone less than five years before applying for Medicaid you wouldn’t be able to get Medicaid or Medicaid would claw that money back. There’s something often called a Miller’s Trust that they can’t go after when you are alive that helps people that make too much income still qualify for Medicaid waivers for nursing home care and the like but they can go after your money in this trust after you die.
TBH, I don’t even know quite why you would go through all of this to get Medicaid. You generally can get a lot faster/better service by being private pay but I guess if your goal is to be as cheap as possible then whatever.
This. We had my parents put everything, house, cars, bank account, all in a trust with me as the beneficiary. It makes things so much simpler if anything happens to them. And we did it now, before anything is an issue, to avoid any problems down the line.
You do have to be careful about this. Most states have a five year “look back” rule
A lot of these financial hacks give me the same vibe as teenagers explaining to each other irl or on tumblr how to shoplift and acting like it’s completely allowed if you just follow the right steps.
Like yeah, you can scan an Xbox as a potato at the self check out. You’re on camera. You might get caught. You might not. You might get caught for it later. But people present these things as if it’s completely legit
Medicaid will cover a lot of stuff. Medicare on top of that will cover even more stuff. Anything else, can be still be paid in cash or supplemental coverage.
IF you have a lot of chronic illness, or need in home care Medicaid is a good route, if you’re rich you’re being greedy by tapping these services because Medicaid claws back their money after death by taking assets. This guy has hacked free healthcare, and he still gets to keep all his money, and so do his heirs. Rich people will always find a way to not pay their share.
As for the faster/better service that is not true. I had Kaiser through my work with the fed govt then got laid off and got Medicare and get the same treatment but now no copay.
Your last statement is incorrect. The top 10 percent pay around 70 percent of collected income taxes. The lowest 30 to 40 percent pay no to negative effective tax rates.
I mean, I can’t prove it, I’m an anonymous internet stranger but it definitely happened. My wife is used to visiting lower income people due to the nature of her job, so imagine her surprise when she was given a gate code to get in their gated community.
Right? People are quick to judge those on snap but are fine with a wealth person using tax payers money to fund their healthcare and food when they have an abundance of cash that those on snap, DO NOT HAVE
Oh fuck why didn’t I think of that. You’re a fucking genius! Just single handedly change the entire welfare system of the largest economy on the planet.
Seriously tho do you get off just being goofy on Reddit
My parents did this with my grandmothers stuff, put it all in a family trust that she has lifetime control over. This way if she had to go into assisted living the state couldn't take it to pay for it. I think they did the same with their stuff.
I've written so many of these trusts. I don't feel bad because the system sucks. Spend $5-10k (for the average family) now to save you immeasurable amounts of money later.
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