tci Medicare Compliance & Reimbursement - 2003 Issue 41

Long-Term Care: SENIORS' HOME EQUITY EYED AS KEY TO PAYING LTC BILLS

Well-off seniors benefitting from Medicaid while state budgets languish, Scully says.  Seniors have $1.5 trillion in paid-off home mortgages - a substantial national asset that should be tapped to pay for long-term-care costs to ease the burdens now borne by Medicaid. Centers for Medicare & Medicaid Services Administrator Tom Scully made that point at an Oct. 8. House hearing. Nearly seventy percent of people in nursing homes are on Medicaid, and studies show that as many as 50 percent have transferred assets to reduce their incomes to Medicaid-eligible levels, Scully said. The draining of Medicaid funds to...

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