:: MEDICAID & NURSING HOME
WHAT IS MEDICAID?
Medicaid is the United States health program for people and families with low incomes and resources. It is a means-tested program that is jointly funded by the state and federal governments, and is managed by the states. Among the groups of people served by Medicaid are certain U.S. citizens and resident aliens, including low-income adults and their children, and people with certain disabilities. Poverty alone does not necessarily qualify someone for Medicaid. Medicaid is the largest source of funding for medical and health-related services for people with limited income in the United States.
WHY PLAN FOR MEDICAID?
The cost of quality nursing home care is expensive, ranging from $4,000 to $12,000 per month, depending on the level of care and location of the nursing home. Various statistics tell us the average time spent in a nursing home is 30 months. To gain access to many of these higher-quality nursing facilities, individuals often pay for the cost of nursing home care out of their private savings, until nearly all their money has been exhausted.
The disadvantage of this strategy is that it's expensive, disappointing, and sometimes even unnecessary. With proper planning, individuals can live quality lives and still pass on a portion of their estate to their spouse or children.
Schey, Piller, Alspaugh, & Wong, P.C. can assist you with all aspects of Medicaid and Nursing Home planning.