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The Medicaid application process is extremely complex, even for experienced families. Lack of professional expertise can easily lead to costly mistakes, causing the patient and family to lose thousands upon thousands of dollars. Professional planners can help ease and expedite the application process, while ensuring the protection of your assets. Additionally, professional planners have the capability to provide services while the application is still pending, providing your loved one of the services they need, when they need them.
Medicare and most HMOs only cover a maximum of 100 days in a nursing home. In a home-care setting, Medicare, insurance, and HMOs typically cover only four hours of care a day, five days a week for a maximum of sixty days. Even then, substantial co-payment is often required. Once the coverage period ends, the patient must cover the prohibitive costs of private health care, which can run between $10,000 and $25,000 per month. Medicaid covers long-term health care and home care, and can provide you with round-the-clock, week-long services.
Medicaid covers long-term health care for financially and medically eligible individuals. Depending on eligibility, Medicaid can cover the complete costs of care for patients, whether in their own homes, assisted living residences, nursing home, or hospitals.
Medicaid will pay for both home care and nursing homes, depending on the recommended course of care for each individual patient. Income eligibility requirements affect all recipients of Medicaid, regardless of their specific type of care.
The good news is, you do not have to lose all of your assets in order to be eligible for Medicaid. A qualified professional can assist you in sheltering your assets through a variety of legal processes.
For many people, their home is the most substantial asset at risk during the Medicaid application process. Aside from outright transfers, solutions such as creating a life estate or an irrevocable trust can enable Medicaid patients to keep their homes while retaining eligibility status.
Many people are under the mistaken assumption that the five-year wait penalty applies in all cases. Happily, proper planning can shorten or even eliminate the five-year look-back period.
SeniorCare is a full-service agency that has helped countless people navigate the complex Medicaid application process, as well as assisting clients with nursing home placement and home care services. Our expertise and know-how can save you and your loved ones thousands of dollars, in addition to speeding up the eligibility process. At SeniorCare, we give you the peace of mind of knowing that your loved one is in the most capable hands in the business.