Nursing Home Costs And Medicaid  

Medicaid is a state provided insurance plan. It pays for the nursing home and medications for people whose income is low. People have to be eligible to qualify for Medicaid programs. The eligibility criteria for every state vary. There are certain restrictions of using Medicaid. For instance, the program pays just when a patient visits a health facility or nursing home that is certified by the government.  

 

Medicaid has a list of nursing care hospitals registered with them. These hospitals are present in every city and state. If you call the helpline they will assist you in finding one close to you. To avail the services for free, you have to go to one of these hospitals.

Nursing care is very expensive. It can cost up to $50,000 per year. That is why many people consider transferring their assets and properties to a revocable living trust, so that they become eligible for Medicaid nursing care. Nursing home residents have to pay the full amount usually when they are not eligible for Medicaid. When the assets are transferred to an irrevocable trust, they can be brought back when needed.

Medicaid should not be confused with Medicare, as the two are completely different. Medicaid is a federally funded program that is meant for the poor. Typically, people who fall below the federal poverty line are eligible for it regardless of their age. It takes care of people for unlimited number of days in a nursing care facility. This appeals to several people because many of them deplete their savings paying for nursing care. On the other hand, Medicare is specifically designed for seniors, who are 65 years and above. It is a health insurance program.

If you want to be eligible for Medicaid you will have to transfer or give away your assets. There will be a period of ineligibility for 36 months after which you can apply for Medicaid. However, recently the president of the United States declared that it will be considered a felony if a person knowingly disposes their assets to be eligible for Medicaid. If the officials are able to prove that you did it willfully, then you could be fined up to $25,000. There is no legal help or advice available for such an act. In case you want to apply for Medicaid, you have to do a thorough job of transferring your assets after consulting a qualified legal professional.

More Articles :

Nursing Home Costs And Medicaid

 

Medicare.gov: Paying for Nursing Home Care
http://www.medicare.gov/nursing/payment.asp

 

    
 

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