I’m hyper aware of the long term care issues right now.

Medicare does not cover nursing homes except under very limited terms… – following a 3 day or longer qualified hospitalization, for 20 days… then a partial payment for a few more months… but the family still needs to pony up $141/day for this partial coverage… then – that’s it…. medicare is done and won’t cover any more.

Medicaid is a social welfare program that covers long term care once you have depleted all other assets. Kiss any inheritance to your children goodbye. Kiss your house goodbye. Kiss your social security, pension, RMDs goodbye. There is some set aside for a spouse… but it is limited.

Over half the seniors in nursing homes are under medicaid. The cost is offset by their income (soc sec, pensions), medicaid picks up the balance.

It is much cheaper to have in home care. That’s what we have for my in-laws right now. But we’re reaching the end of that path.

Be nice to your kids indeed. They may be cleaning your ass when you’re no longer able.