LTC HOME CONSIDERATIONS FUNDING THE COVERAGE WHAT IS LTC? WHO NEEDS LTC? MEDICADE/MEDICARE? UNDERSTANDING LTC AVAILABLE SERVICES TYPES OF FACILITIES UNDERSTANDING SOCIAL SECURITY COMPARE POLICIES WORK SHEET QUOTE QUESTIONNAIRE
Medicaid pays for health services for the very poor of any age. Qualifications for Medicaid vary by state, but generally the law says you must first spend down to the poverty level, using up all but about $2,000 of your assets. Being eligible for Medicaid does not guarantee placement in a nursing home. There may be long waiting lists for facility care. Depending on the state and facility, Medicaid patients often receive lesser-quality care than patients who are paying on their own. Under Medicaid, nursing home care is essentially the only option. Home care, assisted living facility care, adult daycare, outpatient services, and alternate caregiver services are not usually reimbursed under Medicaid.
Medicare pays for health care for people 65 and over and for those who are disabled. Medicare does not pay for long-term medical service such as assisted living or adult day care. Medicare pays only the first 100 days of skilled care, such as physical therapy or nursing, which only accounts for 5% of all long-term care costs. You are eligible for the care only if you have been in the hospital for at least three days. The personal care must relate to the treatment of an illness or injury. Medicare pays 100% for the first 20 days and all but the first $95 per day for the next 80 days.
Medicare supplement insurance is a private insurance that helps pay for some gaps in Medicare coverage. Plans D, G, I, and J do pay up to $1,600 per year for services to people recovering at home from an illness, injury, or surgery.
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◘ Government Medicaid