Medicaid is a State and Federal Government program that pays for certain health services and nursing home care for older people with low incomes and limited assets. In most states, Medicaid also pays for some long-term care services at home and in the community. Who is eligible and what services are covered vary from state to state. Most often, eligibility is based on your income and personal resources.
"Medicaid Planning" was previously used by some financial planners to help their clients transfer assets to other family members, sheltered investments, etc... in order to give the appearance that the client was financially insolvent. The Balanced Budget Act of 1997 made it a misdemeanor for planners to assist clients in participating in so-called "Medicaid Planning". The Act also contains a provision that allows a 36 to 60 month look-back period for assets transferred for less than fair market value.
Which of the following statements are correct concerning Medicare and long-term care?
I. Medicare does not pay for "Skilled Care"
II. Medicare covers short-term nursing home care only
III. Medicare pays for up to 120 days
IV. Nursing home admission requires 3 days of prior hospitalization
A. I and II
B. II and III
C. II and IV
D. IV only
Medicare covers only short-term nursing home care in a Medicare-certified nursing facility. The only care Medicare will pay for is "skilled" care, such as ongoing nursing visits. Medicare also requires recipients to have been hospitalized for at least 3 days prior to admission in a nursing home in order to be covered for their skilled care.
RetirementThe cost of a nursing home, assisted living facility or home care can be ruinous. Try these routes to help seniors qualify for Medicaid and pay the bills.
RetirementReasons why, after you retire, you need to know how Medicaid works – and especially how it relates to Medicare.
InsuranceMedicare and Medicaid only sound similar. Medicaid doesn't require being 65 or disabled to get benefits. Some low-income seniors can qualify for both.
InsuranceThese are not equal. Here's why you need to think twice before relying on the government-sponsored program.
Financial AdvisorLearn what you can do now to keep your options open in the future.
RetirementNursing home residents just got new safeguards to their rights – rights they aren't suppose to lose when entering a facility.
RetirementYou may not be able to prevent illness, but it doesn't have to infect your savings.
Financial AdvisorClients who think Medicaid is a good option for long-term care usually don't know the rules that come with the process of applying for it.
Managing WealthHow to use an irrevocable trust to qualify a senior for Medicaid and still preserve a portion of assets to support a spouse or other dependents.
RetirementMost senior citizens will see their Medicare expenses rise in 2017.