Posts Tagged ‘long term care’

Ninety Is Not The New Sixty

We all like to think that we will live a really long time. Although many of us harbor fantasies of being able to retain our youthful hearts and bodies, ninety is not the new sixty.  Young-old is different from old-old and we need to be sure that we are prepared for it. Susan Jacoby authored a thoughtful essay in the December 31, 2010  edition of the New York Times entitled Real Life Among the Old Old.   In her essay Ms. Jacoby reflects on her Mom who appeared active and ageless at 75 but who at ninety, has no more “adventures” in her future, because pain from age related illnesses made the smallest errand an “excruciating effort.”

Modern medicine has many living longer and longer.  According to Ms. Jacoby the over 85 set is the largest growing segment of the over 65 population and at least fifty percent of this population  will spend some time in a nursing home before they die because of a mental or physical disability. Ms. Jacoby’s musings point out  that we all need to have a plan for health care decision-making, surrogate financial decision-making and a plan for protecting assets in the event long term care is required at home or in in a nursing home.  Ninety is not the new sixty, do you have a plan?

Medicaid 5 Year Look Back in Full Effect February 2011

An applicant for institutional Medicaid benefits must submit financial documentation so that Medicaid can determine whether the applicant made non exempt transfers of assets prior to applying. Such transfers would result in a period of ineligibility for the applicant. For several years, an applicant needed to supply financial documentation for the prior 3 years. The Deficit Reduction Act of 2005 (DRA) changed the look back period to 5 years effective February, 2006.

This 5 year Medicaid look back period has been phased in slowly. For each month after the DRA was enacted, one month was added to the 3 year look back. Assets transferred before February, 2006 came under the 3 year rule.

Starting in February, 2011, the look back will be the full 5 years set out in the DRA.

Coping With The Loss of A Spouse

The passing of a beloved spouse is an awful thing.  The emotional loss coupled with the disappearance of the day to day companionship leaves the surviving spouse trying to fill a cavernous space.  In her June 15, 2010 New York Times column, Jane E. Brody  writes of the challenging job a surviving spouse has in making an emotional adjustment to the loss.  I think you will find the column interesting and you can access it at http://www.nytimes.com/2010/06/15/health/15brod.html. Ms. Brody not only addresses the difficulties of the emotional issues surrounding the loss of a spouse but  she concludes her column by remarking on the concerns many widows and widowers have in regard to what will happen as they age and perhaps grow ill and require long-term care. This is a real concern.  One way to assuage these fears is to learn about what the options are in regard to receiving long-term care and how to pay for long-term care.