Does Medicaid Cover Long Term Care?

The oldest baby boomers today are already turning 70. The possibility of requiring long term care is looming even if medical treatments are more advanced now. They are at risk of needing assistance when carrying out their daily living activities like eating, bathing and toileting.  

The cost of long term care is soaring these days, so how can baby boomers cover this? Medicare doesn’t cover the core of long term care. The Veteran’s Administration on the other hand provides some coverage but restricted to VA nursing homes. Long-term care insurance is the most efficient solution but sad to say only a few Americans have bothered to purchase.  Most Americans rely on Medicaid and if you’re of one of those people, here are important things you need to know about Medicaid:

1. Medicaid care takes away choice.
2. Medical and financial qualification is necessary.
3. Exemptions for spouses remaining in community.
4. Avoid Medicaid planning and transfers.
5. Consider Long Term Care Insurance.

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5 Ways to Cover Health Care Costs in Retirement

One of the biggest concerns that people face during retirement is the high cost of healthcare and long term care. A lot of people think that government programs such as Medicare will cover their medical needs but this not the case for most Americans. According to a report by Fidelity, a couple who retired on 2013 will require more than $220,000 to cover their medical expenses. In order to avoid burning your pocket and exhausting all your assets, here are five practical ways to save money on healthcare and long term care after retirement: 

1. Get Medicare Supplemental Plan
2. Enroll in Medicaid Part D
3. Save money through prescriptions
4. Life a healthy and active lifestyle
5. Purchase ltc insurance

Visit this website for more information on how to cover your expensive long term care and healthcare cost.

How Will You Pay for Long-Term Care?

Around 12 million Americans will need long term care today. By 2050, that number will most likely double and become 27 million. How will these people cover long term care? They can pay for nursing homes, assisted living facilities, CCRCs and other long term care facilities through long term care insurance. However, only 11% have purchased long term care insurance policy. Also, a lot of people don’t have enough retirement funds that can cover these unforeseen expenses. There are government programs available but Medicare doesn’t cover the core of long term care and Medicaid on the other hand will ask you to spend down your assets first before you can become eligible. 

These are the different ways you can pay for long-term care:

1. Medicaid
2. Long-Term Care Insurance
3. Self-Funding

Original Source: http://health.usnews.com/health-news/health-insurance/articles/2014/10/28/youll-likely-need-long-term-care-but-how-will-you-pay-for-it

5 Ways to Pay for Long Term Care

One of the mistakes that people commit is relying on Medicare for long-term care coverage. The said government program doesn’t cover the core of long term care like bathing, eating, dressing and transporting. 

People are living much longer nowadays which increases their chance of requiring care. As a matter of fact, 7 out of 10 of people who are 65 and above will require long-term care in the future. People purchase long term care insurance coverage to cover their care expenses. However, this is a bit expensive and not for everyone. Don’t worry because there are other ways to pay for long term care.

There three legal strategies that can help older adults quality for Medicaid without spending down their assets. The rules are a bit complex but with a knowledgeable lawyer and these 5 key options, you can get familiar with the alternative ways of paying for care.

1. Asset protection trusts
2. Pooled trusts
3. Private annuities or promissory notes
4. Personal care agreements
5. Spousal transfers and spousal refusal

Sources: http://www.investopedia.com/articles/personal-finance/102014/top-5-elder-care-strategies.asp

http://www.ltcoptions.com/long-term-care-insurance/long-term-care-policy-features-options/

Reblogged: How to Qualify for Medicaid to Pay for LTC

Medicaid is a government program for impoverished people. It helps pay for long-term care services such as home care, hospice care, nursing homes, assisted living facilities and CCRCs but only if you meet financial and functional criteria that varies from one state to another.  To qualify for Medicaid, you need to meet certain requirements first and they are the following:

1. You are 65 and above or permanently blind or disabled.
2. You are a resident of the state where you apply.
3. You meet immigration rules and U.S citizenship

In terms of the financial requirements, the state will assess your available income and assets in order to determine whether you are qualified for Medicaid benefits or not. With regards to your assets, your personal belongings, primary residence, one motor vehicle, property essential to self support, certain burial arrangements, life insurance with a face value below $1,500 and assets held in specific type of trusts are exempted from the Medicaid eligibility determination.

You can contact your State Medical Assistance office or Area Agency on Aging for assistance with applying for Medicaid to pay for long term care.

Original Source: http://www.agingcare.com/Articles/medicaid-and-long-term-care-133719.htm