payingforalzheimerscare
Alzheimer’s and Medicaid: How Alzheimer’s Families Deal With the Challenges of New Laws
I’m still dumbfounded that Congress determined it was necessary to
change Medicaid Planning techniques that were available to the
the family facing Alzheimer’s. But, not all is lost. There are still many ways your loved
one can qualify.
What is Medicaid you ask? Well, it’s complicated.
This is a federal and state funded and state administered medical
benefit program which can pay for the cost of the nursing home if
certain asset and income tests are met.
There are basically four ways to pay for nursing home care:
1. Private Pay. This is the method many people with Alzheimer’s are required to use
at first. Quite simply, it means paying for the cost of a nursing
home out of your own pocket. Unfortunately, with nursing home bills
averaging between $4,000 and $4,500 per month in our area, few
people can afford a long term stay in a nursing home.
2. Long Term Care Insurance. If you are fortunate enough to have
this type of coverage, it may go a long way toward paying the cost
of the nursing home. Unfortunately, long term care insurance has
only started to become popular in the last few years and most
people facing a nursing home stay do not have this coverage
The first two methods of private pay (i.e. using your own funds)
and long term care insurance are self-explanatory, our discussion
will concentrate on Medicare and Medicaid.
3. Medicare - This is the national health insurance program
primarily for people 65 years of age and older, certain younger
disabled people, and people with kidney failure. Medicare provides
short term assistance with nursing home costs, but only if you meet
the strict qualification rules.
4. Medicaid - This is a federal and state funded and state
administered medical benefit program which can pay for the cost of
the nursing home if certain asset and income tests are met. Since
the first two methods of private pay (i.e. using your own funds)
and long term care insurance are self-explanatory, our discussion
will concentrate on Medicare and Medicaid.
Medicaid has traditionally been.......read the whole post
For more dementia information, click here
For dementia activities, click here
Columbus trivia
4 years ago
2 comments:
Who should own long term care insurance is a common question. I think it makes more sense for a married couple to own a policy, rather than a single person. If a single person uses all of his/her savings/income to pay for care, that's not so bad. If, on the other hand, a spouse requires care and uses up a significant portion of the couple's savings and/or income, the healthy spouse would have quite a burden to bear: both emotionally and financially. A single person should purchase long term care insurance only if it's very important for them to leave some of their assets to heirs or charity.
It has been mistakenly called "nursing home insurance". I read recently that less than 37% of claims on long term care policies are for nursing homes. More than 63% of claims are for home healthcare and community care.
The funny thing about long term care insurance is that the price of a policy can vary a lot from one insurance company to the next. Each long term care policy has a different way of charging premium based upon health history, marital status, choice of benefits, and even state of residence. It pays to shop.
What most people don't realize is that group long term care insurance policies are usually more expensive and have less benefits (particularly less benefits for home healthcare) than individual policies. It pays to shop and compare all types of insurance, but especially long term care insurance.
Scott A. Olson
www.LTCInsuranceShopper.com
Long-Term care insurance, personal assets and savings are what will pay for home care and assisted living or nursing home care. Without any of these, one would have to qualify for Medicaid (Nursing home) to get any assistance.
Many families are contributing to the purchase of long-term care insurance for parents with limited resources. This is done to protect the home they live in as well as keeping their parents at home as long as they can.
There are so many ways to save on your Long-Term Care insurance premiums and dealing with the top carriers is of utmost importance.
There are substantial discounts for excellent health as well as martial or partner discounts.
It is important to consult with an independent Long-Term Care Specialist to get an unbiased view of what is affordable and makes sense for your family. Visit http://www.LongTermCareInsurancePros.com to begin your education.
Post a Comment