00:01
Explain the pros and cons of medicaid planning for long -term care versus obtaining private long -term care insurance.
00:07
In your response, discuss the process of spending down and address whether the practice is ethical.
00:13
Remember, there is a difference between ethical and legal, so just because it may be legal, is it also ethical? medicaid planning is the type of insurance that covers the short -term care of people who have less income.
01:07
This type of insurance is mainly preferred by senior citizens.
01:38
One needs to qualify to avail of the medicaid planning for long -term insurance by having less income and fewer assets.
02:33
It is not for everyone, but for people who qualify in the criteria for the benefit.
02:40
Private long -term care insurance of people who are facing a long -time disease of any disability.
03:35
It is for all ages of people, regardless of income.
03:40
If you can afford it, you can get it.
04:11
The rates and premiums are also, they fluctuate.
04:14
They can be based on your age.
04:16
They can be based on your health.
04:18
They can be based on your income.
04:21
They can be based on a combination of those factors.
04:24
It is for all who can afford it and can afford to pay the premium for it.
04:30
So there are major differences between medicaid planning for long term.
04:34
Care insurance and private long -term care insurance.
04:39
So let's look at those differences.
05:00
And over here we're going to have medicaid planning for long -term care insurance.
05:19
And over here we'll have private, sorry, medicaid planning for long -term care.
05:24
And over here we have private long -term care income and assets...