What is Medicaid and Does It Pay For Long Term Care?

Time Stamps
0:25 What Is Medicaid?
0:45 General Qualifications for Medicaid
1:19 What If My Income Exceeds the Requirements?
1:44 Will Medicaid Pay for Long Term Care?
2:07 Out of Pocket Costs for Long Term Care
2:40 Resource for State Specific Medicaid Requirements

Many people are concerned about who will pay in the event they need long term care. In this video, we will answer the following questions. What is #Medicaid and will Medicaid help pay for long term care?

What is Medicaid?
In a nutshell, Medicaid is an assistance program for low-income individuals of all ages. Each state manages its own Medicaid program, so requirements to qualify will be unique to where you live. Generally, in order for older adults to qualify for Medicaid, they must have limited income and assets. For example, in Oregon, for a single person to qualify for Medicaid to pay for #longtermcare, they may not have more than $2000 in assets and their income may not exceed $2349 per month. The requirements are different for people who are married and will depend on if one or both people require long-term care.

For people whose income exceeds the limits, but they are still unable to pay for long-term care, there are tools called Income Cap Trusts, Qualified Income Trusts, or Miller Trusts that can help. A link is included below for more information on Income Cap Trusts.

Does Medicaid Pay for Long-Term Care?
Yes, Medicaid will pay for long-term care, as long as certain requirements are met. Again, since each state runs it’s own Medicaid program, the requirements will depend on where you live. Long term care is cost-prohibitive for many people with out-of-pocket costs ranging anywhere from $4000/mo in assisted living to $8,500 in a #nursinghome. Some people may be able to pay those costs for a short period of time until they have spent down their resources to meet the asset requirements to qualify for Medicaid. Once a person qualifies for Medicaid based on assets and income, there may also be level of care requirements. A great resource to find out more about the specific Medicaid guidelines and programs offered in your state, check out Medicaidplanningassistance[dot]org. The link is included below.

I hope this video has helped you understand a little more about Medicaid and how it pays for long term care. If you have questions you would like me to address in future videos, leave a comment to let me know. If I don’t know the answer, I’ll do my best to find a #seniorcare expert who does. Thanks for watching!

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[katydid]

Thank you Aime for this video and the important info provided. I will definitely do some research, thanks to the links you have provided.

[sammieb]

I have a loved one Who needs to be in Behavioral house Group Home, long-term who can pay for it? Is it just Medicaid? If so, is that the waiver of Medicaid plan? Any other financial assistance if income and assets are within their guidelines? I would appreciate your response. Thank you so much Great video!

[arvindersingh]

Hello
There are 4 members in my family including me. We have come from India on an immigrant visa. We live in new york. How can we apply for medicaid.