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Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 6176
Experience:  Extensive Experience with Tax, Financial & Estate Issues
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I have a term health care policy for about 7 years and now

Customer Question

I have a long term health care policy for about 7 years and now the premiums are going up nd I am afraid that I won't
JA: What state are you in? It matters because laws vary by location.
Customer: CT
JA: Has anything been filed or reported?
Customer: I just pay the premium and had to take a reduction in benefits to maintain
JA: Anything else you want the lawyer to know before I connect you?
Customer: a premium I can afford. the policy is with ***** *****cock
Submitted: 1 month ago.
Category: Tax
Expert:  Stephen G. replied 1 month ago.

Hello, my name is***** goal is to give you a complete & accurate answer. I am working on your request now & I will respond as soon as possible.

Expert:  Stephen G. replied 1 month ago.

Well, unfortunately, you've done just about the only thing you can do.

There's no good news here except to stay healthy.

Things are definitely not going to get any better due to the massive aging of baby boomers who are going to need a lot of health care.

The only offset is the progress in new programs with the objective of keeping the aging population in their homes, which results in substantially less cost than caring for them in a nursing home. Most of the baby boomers want to avoid nursing homes like the plague, because they have dealt with that alternative with their own parents, many of whom have no nursing home coverage.

As a safety net, the best alternative as this point, is beyond the nursing home coverage that you have, you need an estate plan so that your assets aren't totally depleted before you qualify for Medicaid. There is currently a 5 year "look back" period where any asset transfers for less than fair value within the 5 year "look back" are added back to your assets when you apply for Medicaid and extend your waiting period for eligibility.

Perhaps that is something you should consider doing, ie. Medicaid Planning to back-up your nursing home policy.

Steve G.

Expert:  Stephen G. replied 1 month ago.

Do you have any additional follow-up questions or may I be of any further assistance?

If so, please let me know. If not, I would appreciate it if you would take a moment to rate my response as that is the only way that I will receive my share of the payment that you have already made to the site. There is no additional charge to provide a rating for me but it is important to me as it is necessary for me to close out the question and for my performance statistics.

Thanks very much,

Steve G.

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