re: Baby boomers have it made

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The thought of not having medicaid when we're 70+ is damn scary. Nursing home costs are 96k+/year.

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I'm heading out to Oregon in about thirty years to let them put a pillow over my head in my sleep.

quote:

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The thought of not having medicaid when we're 70+ is damn scary. Nursing home costs are 96k+/year.

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Medicaid or Medicare? Neither one is going to pay for your nursing home.

Medicare does not pay for custodial care (nursing homes) unless the patient requires temporary, skilled nursing care.

Medicaid (state) pays a percentage for nursing homes if certain requirements are met, but ONLY if your income falls below a certain level.

So unless you're poor or broke, you'd better take out a long term care policy, which won't pay a whole lot anyway, and get ready to liquidate every one of your assets when you can't live at home anymore.

We're all on our own when it comes to custodial old-age care.