Getting Long Term Care

Medicaid and Long-Term Care

Yes, Medicaid does offer long-term care benefits, but if you have too much money, you will need to rely on yourself.

Almost half of all nursing-home care billings are satisfied by Medicaid programs. This coverage is only for those who meet federal poverty guidelines for income and assets. For many people it means consuming assets to qualify for health care. Usually a personal residence is not counted when determining Medicaid eligibility, but other assets must be reduced to qualify. When it comes to long-term care it is common for the elderly to pay for care from their assets until they reach the poverty level and qualify for Medicaid to continue paying for nursing home expenses. As a result most people in nursing homes are so poor that financially they need to remain in the nursing home.

Qualifying for Medicaid differs from state to state as does the level of assets you are allowed to keep and remain eligible for Medicaid. While those requirements can and will be expected to change as the WW II Baby Boomer generation ages, it is strongly recommended that you ask your state Medicaid office, office on aging, state department of social services or local Social Security office to make sure you know the current eligibility rules before you begin looking at long-term care coverage.