Paying For Elder Care
Medicaid is a Federal and state health insurance program for people with limited financial resources. In determining what are financial assets your elderly parent’s home, furniture, car or insurance policies with a cash value of $5,000 or less are not counted as assets.
The guidelines for what is covered vary from state to state and the amount of money available to pay for Medicaid covered services are subject to political forces. To find out what those guidelines are in your state and which program is the best for your elderly parent, contact your local Area Agency on Aging.
The Qualified Medical Beneficiary Program is for those people who are at or below the poverty level which is defined as $4,000 in financial assets for an individual or $6,000 for a couple. The state will cover the premiums and deductibles.
Specified Low Income Medicare Beneficiary Program is for those people who are 10% above the poverty level.
If you plan on using Medicaid for your elderly LO you should contact an elder law attorney who specializes in filing Medicaid applications. The attorney will also advise you on how to manage your LO’s financial assets.
You need advice of what expenses are eligible and which are not. You do not want the state to come after you to reclaim money to reimburse it for the expenses they covered. Go to naela.com for a listing of elder law attorneys.
Hospitalization, doctors’ visits, and medications are covered. Not all doctors take Medicaid so you have to find one that does and be prepared to wait for an appointment. If you can’t wait for an appointment then you will have to go to the emergency room for treatment.
Most states have a waiver program that pays for services at home instead of placing your LO in a nursing home. If your LO qualifies for admission to a nursing home but would prefer to live at home you might be eligible for PACE (Programs of All-Inclusive Care for the Elderly). Your LO will be provided with all that he/she needs to live safely in their home.
Visit Medicare.gov/Nursing/alternatives/PACE.asp for more details.
Call your Area Agency on Aging or the State Health Insurance Assistance Program (SHIP) for information on the PACE program or any other issues regarding Medicare or Medicaid.
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