How am I just learning this is a fucking thing. Since when is Medicare a fucking loan. What is wrong with this fucking country? We are straight up fucking evil.
this post was submitted on 16 Mar 2024
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This is actually Medicaid, not Medicare. Medicaid is often used to cover premiums and copays for Medicare for lower income individuals including people dealing with cancer and such though.
ah I did type the wrong one, but still...ive never heard of it being treated as a loan like this and I am shocked this isn't more common knowledge.
Yeah, I agree it isn't common knowledge and that the policy needs to change.
Right, but this still makes it a loan. Which I don’t really understand. I thought Medicaid is a “welfare” program designed to fill in gaps in health care for those who can’t afford insurance.
It is ridiculous how overcomplicated healthcare is in the US.
It's more evil than you think. There are all sorts of ways to protect assets from Medicaid. Of course, it's only worth doing when there are considerable assets. So basically if you have nothing, Medicaid costs nothing. If you have a little, Medicaid takes it all. If you have a lot, Medicaid will likely take a tiny fraction of your assets. And if you're caught off guard, it takes everything.
You don't inherit debts or crimes that's fucked
Since when is ~~Medicare~~ Medicaid a fucking loan
What The Fuck! They take Medicare taxes out of every one of my paychecks. Have for my entire adult life. A program I can't qualify for. And now your telling me it's a fucking loan? No fucking way I pay for it I should get it and no fucking way they getting my house or anything.
I swear they better hope I never get a terminal disease with plenty of time before I die.
When revolution starting we can't continue living this way.
I personally been learning this lesson recently. Everything you own every single thing should have some kind of transferable or payable on death added to it. Every car every house every bank account every brokerage account Etc..
That's the way it is in Canada, but it's easier on your family if you have a will. Otherwise it's a mess.
The best thing is all your debts (in your name only) are wiped clean. Anything with spouse's names on them (mortages, shared credit cards, etc) gets transferred to the surviving spouse.
And although our healthcare is in shambles atm (because our provincial premiers are selfish, power-hungry dumbfucks) very few Canadians face the soul-crushing heathcare costs Americans do.
I feel for you all. I can't imagine having to choose to live or die based on how much I have in the bank.
I have two friends whose mom/grandma had to sell their houses before they had coverage for nursing home. I have my name on my dads so I at least get half.
You should look into putting it in a trust. When someone dies and leaves you an asset the tax basis resets. In other words, if you sell it afterwards, you only pay tax in the increase in value after the death. If you're already part owner, the tax basis on the part you owned starts when you became part owner. Having a lawyer set up the appropriate trust is cheaper than you'd probably think.
They have been doing that by default. I am elder-caring 4 my mom and don't expect to inherit her house; as she is declining mentally and I'm not trained for full care.
80% of medical spending is on the last two years of life. -- a thing I heards.
The ONLY way to protect the asset is to sell it and put the money in an qualified annuity. Medicaid cant touch qualified annuities and you will get what is left after she passes. There is no way to protect the house itself.
I believe there is a time limit to do that, like 5 years before applying for Medicaid. I am not certain, can't look for the specific link ATM.
This is correct. It is often referred to as the Medicaid look back period. 60 months in most states where they will scrutinize ever transaction.
Used to be three years but congress, specifically a republican congress and president bush II with raised it to five years.
All senate democrats voted against it as well as a couple of republicans but Dick Cheney broke the tie.
thanks. I'll look into That.