OSPRI has released the final report on Medicaid in Rhode Island by Steve Moses, Fellow for Health Care Policy. In a nutshell, the report (which can be read here) shows how Rhode Island can use its global Medicaid waiver to save millions in unnecessary Medicaid expenditures, by taking the wealthy off the program and becoming more aggressive in seeking estate recovery. Here are some highlights of the report:
● Rhode Island had $13 million in un-recovered assets last year.
● $67.5 million is being diverted, at public expense, from long-term care to pre-paid burial costs.
● An estimated $85.5 million in home equity is exempted.
● Only two applicants have ever been denied entrance to the program due to excess income.
● 80 percent of seniors own their home, but among those receiving long-term care, only 12.7 retain ownership of their homes.
● Only one to five percent of eligible consumers have private long-term care insurance.