If your spouse requires nursing home care, you're probably wondering how you will pay for it. Nursing home fees are exorbitant, and most Colorado residents won't be able to afford them without government assistance through Medicaid.
When facing the prospect of long-term care, either for yourself or for your parents, it's important to consider how Medicaid can work for you. You likely know that the program was designed to provide medical coverage -- such as nursing home expenses -- to people who cannot afford to get pay for it on their own. As such there are hard limits to how much money a person on Medicaid can take in, as well as the value of their assets.
If you have ever wondered about the differences between Medicare and Medicaid, you are not alone. Even those who are receiving benefits from one or both programs can get confused.
The American Health Care Act, with its proposed cuts to Medicaid, could have a major impact on elderly people's ability to get much-needed care.