Long-Term
Care/Medicaid
What's at Stake?
As you get older, how are you going to pay for the services you need? One of the areas I am seeing more and more of (and it is not just me, it is through-out our country) is the lack of one’s ability to pay for long-term nursing care, which traditional health insurance does not cover.
Depending on where you live and the level of care you need, nursing home care can cost from $35,000 to $150,000 a year.
The average stay is a little more than three years. Most people end up paying for nursing home care until their personal assets run out, and then they turn to Medicaid to pay the bills.
However, with careful planning, we can help you protect your assets, whether for your spouse or for your family. Long-term care insurance is valuable if you are healthy enough to qualify and can afford it.
Other methods are available to make sure you are entitled to benefits offered under Medicare and Medicaid. Medicare is an entitlement program, a federal health insurance program in which most people enroll when they turn 65 years old.
There are no financial qualification rules. Medicare has four parts. Part A covers in-hospital care, extended care after a hospital stay, some home health care services and hospice services. Part B covers doctor services but requires both beneficiaries to pay a premium and co-pays. While Part C is optional, it is provided by private companies that contract with Medicare to provide the beneficiary with all of their Part A and B benefits. Finally there is a Part D to cover prescription drugs for beneficiaries.
Medicaid, known in Tennessee as TennCare, is a joint federal-state program subject to certain federal requirements and implemented under the State of Tennessee’s own regulation as to how it is managed. Medicaid/TennCare is not an entitlement program like Medicare but is a form of welfare.
Eligibility is determined after a proper application is submitted and has as parts of its components income and estate value limitations as well as certain health standards.
With proper planning & strategy,
you will be qualified!