California eliminating asset limits for Medicaid Long Term Care

[Jwheel86]

California Is Ending Its Asset Test For Medicaid Long-Term Care. Is It A Mistake?

WWW.FORBES.COM

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The state will increase Medicaid's asset limit from $2,000 for an individual to $130,000 and from $3,000 for a couple to $195,000. At first glance, it seems like a big win for frail older adults in California. But the story is more complicated than it seems.

 

I'm 100% on expanding Medicaid so there is pressure to fix Medicaid's stupidity. 

[b_m_b_m_b_m]

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But whatever the reason, Newsom may be making a mistake. Making Medicaid long-term care available to Californians who need personal assistance, regardless of wealth, will make it much harder to build political support for the tax increases necessary to fund a public insurance program. After all, people will ask, why should I pay higher taxes for insurance if I can enroll in Medicaid?

 

However, a public insurance program that offers a cash benefit would give participants resources and flexibility to design their own care. They would not be constrained by complex Medicaid rules when it comes to purchasing the supports and services they need.

This whole bit is stupid. The income and asset limits help the middle class as the poor are already “taken care of” and the wealthy already self finance or have private insurance for their traditional LTC needs.  Participants wouldn’t design their care, their insurance company would, and new policies are limited in choice and monetary support because costs are spiraling faster than actuarial assumptions this the rate increases that are extremely common now.
 

Congrats guys now you have an LTC policy with a 90 service day elimination period. Give me LTC for all.