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Medicaid Planning

Medicaid Planning

If you are worried about the costs associated with long-term care, you should know that you have options. Medicaid is a public benefits program structured to provide health coverage to low-income individuals, including those who are 65 or older, disabled or blind. The program acts as a safety net to those seniors who cannot afford to cover all of their own long-term costs.

Options for Long-Term Care

Long Term Care is either paid for by Medicare (typically for a maximum of three months), private pay (you write a check for $6,000- $8,000 each month), or if eligible, Medicaid can pay for most of the costs.

Are You Eligible for Medicaid?

Medicaid is a public benefits program structured to provide health coverage to low-income individuals, including those who are 65 or older, disabled or blind. The program acts as a safety net to those seniors who cannot afford to cover all of their own long-term costs.  In Missouri, most Medicaid benefits are available only in skilled nursing facilities (a nursing home as opposed to an assisted living facility).

With recent changes in the government regulation of Medicaid, seniors must be proactive when planning for their coverage. Changes from the Deficit Reduction Act of 2005 have resulted in complex eligibility requirements for those in need of Medicaid benefits. It’s no longer as easy as reviewing one’s bank statements – there are a myriad of regulations including: look-back periods, income caps, transfer penalties and waiting periods to plan around. In addition to the federal laws, eligibility can also differ by state quite substantially.

Mike Weeks is one of 13 Certified Elder Law Attorneys in the state of Missouri and is dedicated to going the extra step to prepare your documents and make sure that you are getting high quality care for a price you can afford. Contact us today to find out more about Medicaid eligibility as well as long-term planning.