Brought to you by Jennifer Cook-Buman – Living Right Senior Placement – SENIOR PLACEMENT INSIDER –
They may be worth every penny, but the cost of a senior living community can quickly add up. Thankfully, two government programs are designed to provide health and medical services to all citizens, regardless of income level.
Read on for the key differences between Medicare and Medicaid.
Similar to private health insurance, Medicare is great for reducing or eliminating the cost of certain prescription medications, doctor appointments and hospitalizations. After hospitalization, Medicare will usually pay for a skilled nursing for the purpose of rehabilitation, and often physical and/or occupational therapy and home health nurses to visit you at home, but only for a limited time.
Unfortunately, Medicare is intended only for short-term care, and generally does not pay for extended periods of treatment, including independent, assisted living, adult care homes or memory care communities.
Unlike Medicare, Medicaid can and regularly does pay for long-term senior living care, though certain requirements apply. In general, Medicaid recipients must show that they are low income, facing medical expenses that exceed their income and that they have already spent their virtually all of their savings and assets. There is a five year look-back period to prevent people from gifting all of their money away to be able to qualify for Medicaid.
At this point, Medicaid benefits can pay for long-term care, as well as alternatives like in-home care or assisted living. Not every senior community has a contract with Medicaid, so its important to know what your financial situation is, as well as if the community has the contract, if you anticipate the need.
Want more information? Placement professional Jennifer Cook-Buman can help anyone hack through the red tape and discover their new home. Contact Living Right Senior Placement today for a free consultation.
Living Right Senior Placement
P.O. Box 534, West Linn, Oregon 97068