Bich Nguyen"Deliberately reducing a person’s income and savings to qualify for Medicaid can sound daunting. But without planning, the high cost of long-term care can quickly drain savings anyway. Assisted living and nursing home care can cost thousands of dollars a month, often forcing families to exhaust their resources before qualifying for assistance."
#healthcare #medicaid #medicare #NursingHome #SkilledNursing #HomeHealth #aging #PersonalFinance
Why some people put relatives into poverty to pay for nursing homes
Many older Americans end up relying on Medicaid for long-term care because Medicare rarely covers daily help like bathing or eating. In order to get one qualified for Medicaid, families can use a "spend down” plan to get a person qualified care sooner. This can come from using a senior’s savings on allowed costs, like prepaid funerals or burial plots. But experts say it's important to work with lawyers and social workers to do this in a systematic and methodical way. In the long-term, it's important to be thinking about long-term care sooner than later, because the care costs can drain a nest egg fast. A home health aide can cost about $78,000 a year. A nursing home room can cost about $111,000.
andrasthehun.ca
hameed13892
Count To Zen
Duncan Stephen
CBC Prince Edward Island
Roland Vasquez
Healthcare Privacy & HIPAA Bot
Flyover Project