Medicaid and Long-Term Care
It really doesn't matter what income bracket you are in, at some point in your life as you age you may face the fact that you need some type of long-term care. Long-termcare.gov tells us that almost 70% of people turning age 65 will need long-term care at some point in their lives. This really puts things into perspective. So, when you get to that point, if you ever do, have you thought about how you are going to pay for it? Many people think that Medicare will pay for nursing home services, it does but only for a limited period of time. This is how Medicare works:
Medicare Part A covers up to 100 days of "skilled nursing" care per spell of illness. However, the conditions for obtaining Medicare Coverage of a nursing home stay are quite stringent. Here are the main requirements:
After Medicare coverage stops what then? It will be necessary for you to use your own funds to cover long-term care costs. If it is not viable for you to remain in your home you very well may end up handing over all of your hard earned money to a nursing home. Most people that I have spoken to over the years do not even want to think about the fact that they might end up doing this. So, this is where Medicaid comes into the picture. Medicaid is a national public health insurance program funded by both the federal government and states and it is operated at the state-level. Generally most people think that Medicaid provides health and long-term services to low income Americans, to those who are elderly and disabled, and that to qualify people must meet certain income and asset requirements set by the federal government and the state in which a person lives.
While this is true on the surface and it is what most people working in the aging profession will tell you, conducting further investigation by speaking with Preferred Providers in our network can be very enlightening when it comes to your eligibility for Medicaid. I highly recommend that you contact us to schedule a free consultation to learn more about your options when it comes to Medicaid and long-term care. I will tell you this, you do not have to spend down all of your assets to qualify!! Planning today will help you to avoid making a critical mistake later because looking for options and good decision making rarely take place in crisis mode. Call us today at (918) 212-4437
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Summer Jackson, the author of this Age-Friendly Blog is an advocate for aging, and she insists that we all can live an unprecedented quality of life as we age. She believes that accomplishing this requires educating people of all ages, and involving people, organizations, and community leaders in a shared process. Read on. You will find her posts to be insightful, fun, and inspiring for people of all ages...
aging, healthy aging, aging in place, long term care, mobility, safety, 50+ lifestyle, age-friendly, in-home care, caregivers, aging professionals, Medicare, Medicaid, Universal Design, downsizing, up-sizing, Sandwich Generation, whole plant foods, Blue Zones