Programs for elder care - The Finance Forums: Financial planning, debt help, loans, mortgages, retirement and 401k, investment, and general finance discussion forums

taiarain · #1 (**permalink**) 01-18-2007, 04:33 PM

Are there any programs specifically designed to help you build or insure for elder care? I will be responsible for caring for my father and need to prepare for this.

unique · #2 (**permalink**) 02-05-2007, 04:05 PM

Have you inquired about pension or retirement plans? It lets you pay monthly, quarterly or annually. The return from pension plans can help you finance the needs of your father when he gets older.

michelrobinson · #3 (**permalink**) 12-11-2007, 08:10 AM

Reverse Mortgage is the best option.

GarySpicuzza · #4 (**permalink**) 12-12-2007, 11:24 AM

taiarain, the best option for your Father is to have Long Term Care Insurance. (LTCI)

With the new LTCI partnership programs authorized by the Deficit Reduction Act of 2005 (DRA 2005) a person can now EXEMPT their assets from Medicaid spend down by simply having a qualified Long Term Care Insurance policy should they exhaust the benefits of their policy.

Click HERE to read Florida Statute 409.9102

Quote:

(b) Provide a mechanism to qualify for coverage of the costs of long-term care needs under Medicaid without first being required to substantially exhaust his or her assets, including a provision for the disregard of any assets in an amount equal to the insurance benefit payments that are made to or on behalf of an individual who is a beneficiary under the program.

About half the states in the USA have these programs.