Long-Term Medicaid Planning
Whether you are having elder law-related conversations to accommodate your parents or planning your own care, realistically your budget and list of facility expectations must align. Medical care is often paid for with a blend of traditional health insurance (if you carry it), Medicare (if you qualify), Medicaid (if you qualify), Veterans Benefits (if you qualify) and private funds (if you have them). Each facility has customized payment options that suit their business model and though they may have long-term memory services, rehabilitation teams, or even a chef that you love, you must compare your expectations and reality before securing your spot.
When you are rushed to find a long-term facility, it can be challenging for caregivers and family members to pool necessary funds without depleting a loved-one’s life savings. Truthfully, many families must put a family member in a low-rated nursing home that overcharges for the care and amenities that they receive. According to SeniorLiving.org, the monthly rate for a private room in an Indiana nursing home is $8,821 or $290 per day. Remember, demand, staffing, and on-site specialties will raise those monthly costs.
Are you surprised to learn that many guests at care facilities private pay for their care until they are completely out of assets? It is then that they seek assistance from Medicaid. This is not how things have to work! With some planning and newfound knowledge, hard-earned assets can be protected while benefits are granted sooner. It is not far fetched to believe that you can have something to pass along to your family and receive great care as you age.
The process to qualify for Medicaid is intimidating. It is also commonly confused with Medicare – an equally confusing and daunting benefit.
Simply put, Medicare is a federal health insurance program available to anyone age 65 and older. It has no financial requirements or regulations. That said, Medicare does have complicated qualifications for nursing home coverage and should not be planned for use as the primary method of long-term care payment. Traditional healthcare plans often fall into the same bucket when it comes to skilled nursing facilities (SNF), nursing homes, rehabilitation facilities, and the like. There are three parts (plans) within Medicare: Part A (hospital coverage), Part B (medical coverage) and Part D (prescription drug coverage).
For more on Medicare resources visit IN.gov to learn more. Remember, like most government agencies, Medicare communicates largely via mail (unless you request a call back from their help line). Be aware of scammers who call and ask for personal information (social security number, Medicare number, birth date, or middle name). You can report fraud to the Inspector General with help from this AARP resource.
Medicaid is a federal healthcare program too! It is funded by the Federal Government (mostly) but administered by the state. Income and asset requirements must be met to qualify, and each state has unique requirements. The State of Indiana, controls and monitors this program through the Indiana Family Services and Social Administration. Applicants must go through a long, strenuous process to reap the rewards of this program. The end result? You or a loved-one who is better cared for without fear of depleting assets.
At Indiana Estate & Elder Law our team strives to help families feel supported and guided during this process.
Contact Us For Help With Your Application