What Are The Main Sources Of Payment For Long-Term Care In The United States?
Medicaid is the largest single payer of long-term care expenses in the United States and likely, the world. Medicaid is the government program that pays for long-term care expenses for people who are elderly, blind, and disabled. Many people are under the impression that Medicare will pay for their long-term expenses. But that is absolutely not the truth.
Medicare covers 20 days of rehabilitation which may take place in a long term care facility after you have had a qualified stay in a hospital. Following that 20 days, Medicare will pay for a part of the next 80 days of rehabilitation which might also take place in a long-term care facility. But even the portion that Medicare does not cover for 80 days is going to add up to a substantial amount of money. When that 80 days is over, Medicare will no longer pay for those care expenses. But if you are medically or financially qualified, Medicaid can begin picking up the tab.
My office can help you with the financial qualification portion. Of course, the medical portion is between you, your medical providers and the nurses who work for Medicaid. But the financial portion is where my help comes in. If you or a loved one is facing long term care, reach out to my office as we can likely save some of your assets for your family or for your continued quality of life, even if you are going to be in long-term care.
What Amount Of Money Or Property Could A Single Person Have And Still Be Qualified For Medicaid Assistance?
A single person can only have $2000 in countable assets and still qualify for Medicaid assistance. I can assure you that this is not much. The incidental cost that accompanies long-term care are going to eat up that $2000 before you know it. Do you want a ride to church? Want to go out to a restaurant to have a meal? Are you thinking you might get a vacation someday? None of these things are going to happen unless you have done some serious financial planning, but the good news is I can help. Perhaps, you have a house, maybe an individual retirement account, perhaps some savings or an investment account. If you have something of this nature, we can help you maximize the benefit that you can get from those assets. You do not have to be fully at the mercy of the state. We can maximize the assets that are not counted against you and maximize your rights and opportunities for an independent lifestyle even when you are suffering health setbacks and living in a long-term care facility. To achieve the best results, seek out help from a certified Medicaid planner such as Terrell Monks, the senior attorney at Oklahoma Estate Attorneys.
What Is The Penalty Period Or Disqualification Period? How Is It Computed?
The Department Of Human Services is required to look back over all of your financial transactions, for the 5 years leading up to an application for Medicaid. The case worker is required to identify transfers for less than actual value, such as outright gifts or partial gifts. For example, Mr. Cleveland applies for Medicaid assistance on January 1st 2020. The social worker looks back through 5 years of bank statements and finds that 3 years ago, Mr. Cleveland gave his nephew $18,500 to help him go to college. This would be an uncompensated transfer that would require the Department of Human Services to impose a disqualification period. Therefore, if the current disqualification period is computed at $185 a day, which is the approximate figure at this time, the Department of Human Services will take the $18,500 gift, divide it by $185 and that is the number of days that Mr. Cleveland will have as a penalty period.
Even more unfortunately, the penalty period does not begin to run until Mr. Cleveland is otherwise qualified for Medicaid. His assets have to be below $2000 of countable assets, his income has to be low enough, and he has to be medically qualified. Therefore, it can be a terrific burden to be serving a 100 day disqualification period and only have $2000 of countable assets. This is why we generally avoid incurring penalty periods when possible. Nonetheless, there are times when it is appropriate and even necessary to incur a penalty period, but such must be done with the guidance and support and advice of counsel. Seek out help from a certified Medicaid planner such as Terrell Monks who is the senior attorney at Oklahoma Estate Attorneys.
For more information on Payments For Long-Term Care In The US, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (405) 754-4166 today.
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