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Retired farmer's $180,000 equipment auction went straight to nursing home costs

Original: He Retired at 67 and Auctioned $180,000 of Equipment Medicaid Had Ignored for 40 Years. When the Stroke Came Two Years Later, Every Dollar of It Went to the Nursing Home Before Medicaid Paid a Cent

A man retired at 67 and auctioned $180,000 worth of equipment that Medicaid had not counted during his 40 years of work. Two years later, after suffering a stroke, the entire proceeds went toward nursing home bills before Medicaid would cover any of his care. The story is being shared as an example of how Medicaid's look-back rules and spend-down requirements can wipe out a lifetime of assets.

Why now: It resonates because it illustrates how long-term care costs can exhaust a lifetime's savings despite Medicaid coverage.

Medicaid

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Evidence

• He Retired at 67 and Auctioned $180,000 of Equipment Medicaid Had Ignored for 40 Years. When the Stroke Came Two Years Later, Every Dollar of It Went to the Nursing Home Before Medicaid Paid a Cent · 24/7 Wall St.

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