Medicaid LTC is state dependent. In my state, it only covers people who qualify medically and financially for a skilled nursing facility (SNF). For my parent on Medicaid LTC, 100% of their income except for a small monthly personal needs allowance (PNA) was paid over by me to the SNF. Eventually the SNF applied to be the parent’s SSA Representative Payee so the SS benefit was paid directly to the SNF. The better SNFs required a 1-2 year period of private pay ($20k/mo) before moving parent up the admissions waiting list and agreeing to Medicaid assignment....So to put it succinctly, if I spend down my portfolio and end up with only guaranteed income after age 90, a time when my living expenses should be relatively flat but my healthcare expenses could be high....I would be relying on that income to carry me and if costs exceed because I need LTC? they take my income streams and invoice Medicaid for the rest? I mean, unless I get a LTC policy....
Statistics: Posted by HomeStretch — Sat Jan 17, 2026 10:21 am — Replies 8 — Views 548