As your parents are getting older, you might need to have some difficult discussions with them. One of these discussions is about what types of health care they want when they can't make the decisions for themselves.
Can Medicaid-planning help you or your parents?
If you or your parents are past retirement age and have considerable assets, it is time to carefully consider Medicaid planning for the future if you haven't done so already. This is especially relevant if you, your spouse or either of your parents has been diagnosed with a degenerative condition like Alzheimer's disease or if there is a family history of disorders like Parkinson's with known or suspected genetic links.
Will Medicaid pay for my spouse's nursing home bills?
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.
Medicaid planning: Understand the basics
As people live longer, it's becoming increasingly common for families to struggle with Medicaid's rules regarding assets when a spouse or parent has to go into a nursing home.
Senior eligibility for Medicaid
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.
The Resource Test: The least understood aspect of 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.
Does Medicaid pay for long-term nursing home care?
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.
Preparing to move your parents into assisted living
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.
