Welcome to Elder Care Financial, LLC
John Todd, CEO
Long-Term Care Medicaid Planner
Helping Families Preserve Assets
and Qualify for Medicaid
Frequently Asked Questions
Medicaid and Long-Term Care
While working with customers, we’re constantly learning about their needs and managing inquiries that arise. As a result, we’ve included a list of frequently asked questions along with answers in order to provide additional support. If your question isn’t addressed below, get in touch with us and we’ll provide the information you need.
What is Long-Term Care?
Long-Term Care is the extra, personal assistance you may need to help maintain your qualify of life. Long-Term Care, in its most basic sense, references assistance with daily living in three different settings: In-home care, Residential Assisted Living, or Skilled Nursing Facility.
Does Medicare pay for Long-Term Care?
Medicare - covers only a portion of long-term care costs up to 100 days; 20 days are provided at no cost and the remaining 80 are at a significant co-pay for the insured.
Can a Family Member Provide for my Care?
· Family members - even the most responsible, are not always prepared physically, emotionally or financially to care for their loved one. 53% of Americans caring for a loved one lost income due to the demands of providing that care.
Frequently Asked Questions (Cont.)
What about Long-Term Disability Insurance?
Long-term disability insurance covers your lost income, but doesn’t pay for any LTC needs. Oftentimes, when your job ends, so does your coverage.
So does my Health Insurance cover Nursing Home or Assisted Living care?
Health Insurance does not cover long-term care expenses. Medigap policies are health insurance and also do not cover LTC expenses.
What is another way that people pay for Long-Term Care?
If you Self-Insure, then assets are used to pay for long-term care. This can deplete future income for your spouse as well as drain the inheritance you planned to leave for your loved ones.
What about Long Term Care Insurance?
There are various insurance products that may help cover the cost of your long-term care, while offering you the flexibility, choice and control over how you receive that care. The original Long-Term Care policies were quite expensive and were “use-it-or-lose-it” policies. The major insurance companies are now providing new features on life insurance policies that can help with long-term care. If you have not explored this in the last six-months, this might be a good time to do some planning with your insurance agent.
What about Medicaid? Does it help pay for Long-Term care in home, in a Residential Assisted Living, or in a Nursing Home?
When Long-Term Care becomes medically necessary, Medicaid may be an option. Medicaid is usually considered a last resort for the most financially needy. However, with long-term care coverage, there are several federal provisions that must be allowed in every state. One of the main federal protections allows one spouse to be approved for Medicaid and protects some of the income and assets so as not to impoverish the well spouse that is continuing to live in the community.
I've Heard that Medicaid is only for "Broke People". Is that True?
Medicaid does have income and property guidelines. However, most people, especially couples, are NOT too rich for Medicaid when one spouse needs long-term care. This is a Federal Provision that many people do not know about.
Will Medicaid take my house?
Medicaid is not coming to kick you out of your house. The Medicaid Estate Recovery provision DOES allow Medicaid to put an lien against your home, upon the passing of the couple, to help recover what they have spent on your behalf. During your life-time, you get to live in your home, just like you always have.
Who can help me, if I've been told I don't qualify for Medicaid?
Because Medicaid has rules for every situation, including both state and federal laws, a couple with over $25,000 may do well to consult with an Elder Law Attorney or Medicaid Planner to fully utilize these protections that have been provided.