Long term care planning is an important issue which everyone will face sooner or later. Almost everyone knows someone in a nursing home or other care facility, yet this issue is something that we do not want to face. According to a study published in the New England Journal of Medicine, almost half of all Americans will spend some time in a nursing home.
There are five ways to pay for a nursing home:
1. Private pay
2. Long-term care insurance
4. Veterans’ benefits
Medicare and Medicaid are two completely different programs. Medicare is a federally run program, a government-run health insurance plan, for those age 65 and above. Coverage is short term (maximum 100 days) and you do have to pay a deductible. If you want to hire an Attorney for your Financial Security, then visit Voyant Legal – Farmington Estate Planning Attorneys website.
Medicaid, on the other hand, is still believed to be by many seniors, a welfare program. However, with the advent of the Medicare Catastrophic Coverage Act of 1988 and Florida state regulations, the government has expanded the program from a welfare program to a middle-class entitlement program allowing for spouses to live in financial security and allowing for assets to be passed to the next generation.
Medicaid is a joint federal and state program with similar guidelines but with specific variations in each state which offers coverage for long-term (skilled or custodial) care in most nursing homes and covers age 65 or disabled, and impoverished. Medicaid requires that the applicant pays all or a portion of income to the nursing home as a co-pay.