Medicaid is a health insurance program for individuals based on financial eligibility. The program is funded by both the federal and state governments. Medicaid health care is attractive to seniors because it pays for long-term health care, whereas Medicare does not.
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.
Medicaid actually pays for a majority of the nursing home costs in the United States; however, to qualify for long-term care, a person or couple must meet specific financial criteria, which varies by state.
You've been working hard to give your parents the care they need as they get older, but it has become too much to take on alone. So, you and your parents have made the decision to have them move into an assisted living facility so they can get the care they need.