Kristen M Jackson
ELDER LAW
Medicaid, Life Care Planning, Asset Protection Planning, Appeal
People are living longer today. Alzheimer’s disease and dementia are on the rise. Walkers are replacing treadmills. Nearly half of all Americans spend their final years in a nursing home and the numbers are expected to increase as the baby boomers enter their senior years. Yet, few Americans can afford to pay $5,000 - $15,000 monthly to move a loved one into a nursing home.
While there are many questions to be answered, in one’s quest to learn about nursing home care and Medicaid planning, two foremost questions asked by clients are: (1) "How would you pay for nursing home care?" and, (2) "Who is eligible?"
How would you pay for nursing home care?
There are three choices available: 1) paying out of your own pocket, 2) long-term care insurance, or 3) Medicaid. Most people cannot afford to pay out-of-pocket for nursing home care. The expense can drain your assets in a matter of months, jeopardizing the financial security of your family. Long-term care insurance is a viable option for people who plan early and can afford the cost of coverage.
For many people, the primary funding source for nursing home care is Medicaid. Medicaid is a combined federal and state assistance program designed to help cover nursing home expenses for qualified individuals. Becoming eligible for Medicaid requires a thorough understanding of the qualifications, eligibility rules, legal strategies, and application process.
Who is eligible?
Medicaid coverage for nursing home care is available to U.S. citizens or qualified aliens who are age 65 or older, or blind, or disabled. To qualify, an applicant must reside in a Medicaid-approved nursing home and require assistance with daily living activities such as walking, dressing, feeding, toiletry, and bathing.
If you have a parent, spouse, or child in need of nursing home care but cannot afford to pay the nursing home bills, then Medicaid nursing home benefits may be a viable option. The requirements may seem rigid, but there are strategies to enable your loved one to qualify for the benefits. Proper Medicaid planning is important before applying to ensure eligibility without jeopardizing the financial security of your family.
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