Dale M Krause
Expert
Long-term nursing home care can be a significant financial burden for many seniors who may not have enough savings or long-term care insurance coverage to pay for it. While Social Security benefits can help cover some of the costs, they may not be sufficient to cover the entire expense. This is why many seniors turn to Medicaid. This federal and state-funded program provides coverage for low-income individuals residing in a nursing home and receiving long-term care. To qualify for Medicaid, you must meet specific asset requirements, which vary by state. In most states, an individual must spend down their assets before becoming eligible. For example, in most states, you will qualify for Medicaid if you have cash assets of $2,000 or less, a prepaid burial, clothing, and other small personal property. After becoming eligible, you must pay all your social security monthly income to the facility as a Medicaid monthly co-pay, less a small amount (i.e., $50 so you can cover personal needs like a haircut, toothpaste, etc.).Navigating the Medicaid application process can be complicated, so it's best to consult a financial advisor or elder law attorney to determine the best action for paying for long-term nursing home care. They can help you understand your options, plan, and make informed decisions to ensure you or your loved one receives the care they need without jeopardizing their financial security.
