Whether you're navigating elder law considerations for your parents or planning for your own care, the alignment of your budget and facility expectations is crucial. Funding medical care often involves a mix of traditional health insurance, Medicare, Medicaid, Veterans Benefits, and private funds. Each facility tailors payment options to its business model, and while amenities like long-term memory services or rehabilitation teams might be enticing, a thorough comparison of expectations and reality is essential before making any decisions.
In the rush to secure a long-term care facility, gathering necessary funds without depleting a loved one's life savings can be challenging. Unfortunately, many families end up in low-rated nursing homes that overcharge for the care and amenities provided. According to SeniorLiving.org, the monthly rate for a private room in an Indiana nursing home averages $8,821 or $290 per day, with additional costs influenced by demand, staffing, and on-site specialties.
Surprisingly, many individuals privately pay for their care until they've exhausted their assets, only then turning to Medicaid for assistance. However, with careful planning and the right knowledge, it's possible to protect hard-earned assets while securing benefits earlier. Planning ahead can ensure that you have something to pass along to your family while receiving excellent care as you age.
What is Medicaid?
Medicaid, a federal healthcare program funded mostly by the Federal Government but administered by individual states, involves meeting income and asset requirements. Each state, including Indiana, has unique qualifications managed by its respective agencies. The State of Indiana oversees this program through the Indiana Family Services and Social Administration. While the qualification process may be demanding, the ultimate benefit is the assurance that you or your loved one receives quality care without fear of asset depletion.
At Indiana Estate & Elder Law, our dedicated team is committed to providing support and guidance to families throughout this intricate process. If you are looking for assistance with qualifying for Medicaid to help with the cost of long-term care (i.e. assisted living or nursing home care) or home health care, we would be honored to help. Click the button below to request a no-cost consultation!
Medicare versus Medicaid
The process to qualify for Medicaid is intimidating. It is also commonly confused with another governmental program called Medicare – an equally confusing and daunting benefit.
How can we help you or your loved one?
Medicaid encompasses various specialized programs, each designed to serve different healthcare needs. While some programs focus on long-term care and home health services, others address different aspects of healthcare. For clarity regarding how we can assist you or your loved one, below is an overview of the Medicaid programs within and outside our scope of service:
Types of Medicaid we can help with:
- Medicaid for Assisted Living
- Medicaid for Skilled Nursing (Nursing Home)
- Medicaid for Home Health Care
- Medicaid Waiver
- Indiana PathWays for Aging
Types of Medicaid we do not help with:
- Healthy Indiana Plan ("HIP")
- Hoosier Care Connect
- Hoosier Healthwise
- Hoosier Rx