Long Term Care PlanningProper long term care and Medicaid planning can help families prepare for the time in which their elderly relatives can be properly cared for.
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Long Term Care and Medicaid Planning
Part of the aging process is the transition towards getting the assistance needed as they need long term care. The cost of nursing home care quickly gets beyond the income of most retirees until they need assistance from Medicaid. Proper long term care and Medicaid planning can help families prepare for the time in which their elderly relatives can be properly cared for.
Unfortunately, it is a subject that often does not come up because most families are not prepared for this eventuality. While many seniors can take care of themselves with little to no assistance, for many they will need the care of a nursing home or assisted living center which can drain their life savings. With the proper planning, such eventualities can protect the income of both seniors and their family members.
Medicare vs. Medicaid
One of the more confusing aspects in government programs designed to help the elderly and the poor is the difference between Medicare and Medicaid.
Medicare is a government health insurance program available to all seniors who have reached the age of 65. It is divided into three parts.
Part A: Hospital Coverage
Part B: Medical Coverage
Part D: Coverage for Prescription Drugs
Although there is some support for senior care, for the most part Medicare is focused on temporary hospitalization, medical treatments, and helping seniors to cover the cost of their prescription medication.
Medicaid is a government program designed to help the poor. This means that seniors who have gone through their life savings can turn to Medicaid to help them fund their stay at a nursing home or assisted living center. As the cost of long term care continue to grow, the reliance on Medicaid has placed limits on the options that many seniors have when it comes to their long term care.
How Planning for Long Term Care Can Help
With the proper planning before the care is needed, many seniors can either avoid having to rely on Medicaid. Or, maximize the options they have if they need long term assistance. The truth is that nursing homes and assisted living centers make up only part of the options that are available.
For seniors, Medicaid offers several options that seniors can take advantage of for their long term care. Before making the commitment to a nursing facility, the proper planning can account for all options under the program.
At Home Care
One of the fastest growing industries in the US is at-home care specialists. These are businesses or organizations that provide care for seniors who can remain at home. For seniors who only need modest assistance, such as help with daily activities or taking medications, this is a far more affordable option compared to nursing homes or assisted living centers.
For families who want to engage in long term care and Medicaid planning, knowing the options and planning for them in advance can bring peace of mind to seniors and their families. Be sure to discuss all options with the experts before your choices become more limited.