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Congress set up the Federal Medicaid rules and in Maine, DHHS administers those rules for long term care. Kevin has the closest correct facts, except Congress anticipated some ability to transfer SOME wealth to the next generation. It's complex.
The partnership Insurance programs are like auto insurance. Never use it, it's gone money. There are other annuity-like programs that work better, and you get all of the money back either in care or there's a death benefit, but it requires a lumps sum deposit into 6 figures.
Nobody should feel guilty about working their whole lives and having a desire to do something to help family where they can before all of their money is spent on long term care. And, at $12,000 a month, it will be. 70% to 75% of the people in Nursing Home Care in Maine are on Mainecare benefits. The other 25% to 30% WILL be eventually, unless they were independently wealthy. Or die. This is what Estate Planning is all about. Do it far enough in advance to reduce problems.
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