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The average stay is three years. Will you or your loved one have this amount of money to pay for care? Will private pay still be feasible? If a person satisfies any or all of the parameters just listed and is single, the qualification process for Medicaid is very straightforward.
How Long-Term Care Insurance (LTC) Can Save Your Life
Many very important facts and issues to take into consideration, have been brought to light. There is a difference. Look at it in the same vain when choosing medical care.
Your front line is your internist or general practitioner when surgery is needed you seek out both a second opinion and specialist in that field. The second edition is now released. For those who purchase the book, there is a free downloadable workbook to keep you on track and take notes.
It makes sense that getting the right long term care would be important. I can see why you would want to get the right method of financing it! Skip to primary navigation Skip to main content Skip to primary sidebar advice on end of life issues for people and pets.
Comments It makes sense that getting the right long term care would be important. Unfortunately, there is not a simple answer to this question. Who pays largely depends on the income and assets of the individual in need of care and the severity of the care they require.
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- Paying for Care?
It is perhaps easiest to address this question by breaking it down into the smaller questions that follow. It is also helpful to understand that very rarely does a single source pay for care; it is much more common for the cost of care to paid for by multiple sources. For low income elderly individuals and families with limited assets, the cost of medical care is largely covered by Medicare or Medicaid for those who meet the Medicaid eligibility limits.
Medicare Will Not Protect Your Savings From Long Term Care
Often times, the poor do without medical care, forego their prescription drugs, or simply receive medical services in the emergency room and are unable to pay their medical bills. In fact, many medical bills resulting in bankruptcy filings are discharged. However, Medicare does not pay for personal care in long-term care situations.
State Medicaid programs will pay for personal care when it is provided in a skilled nursing facility or nursing home. Using a waiver, one can receive care at home, in adult day care, or in assisted living residences. Despite these programs, very often families with limited means bear the full burden of providing personal care themselves. For medical care, Medicare is the primary source of funds. Low and middle income families often have Medicare Supplemental insurance which provides additional assistance for Medicare co-payments and other gaps.
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Personal care is not covered by Medicare. Veterans' benefits do provide some assistance for low to middle income families such as the Aid and Attendance Program.
Medicaid, however, is not as much of a factor as the vast majority of families in this income level do not qualify. Many states provide assistance to individuals that do not qualify for Medicaid with the objective of keeping them out of the program. Since Medicaid is a very expensive program, states offer personal care or financial assistance programs designed to prevent or delay Medicaid enrollment.
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