By: Jamie Jorczak
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Discover Your Options for Medicaid and Long-Term Care
You may be eligible for Medicaid coverage if and when you need nursing home services.
So, have you looked into your long-term care planning options? If you’re getting close to retirement age, this needs to be moved off your to-do list and onto your “to-DONE” list.
There’s about a 70% chance that a 65-year-old person eventually will need some form of long-term care. On average, they’ll need it for about 3 years. Since nursing home care in Indiana runs about $5,280 per month, that’s a substantial investment (about $190,000). How will you pay that bill if you find yourself in need of long-term care?
It may surprise you that Medicare does NOT cover most nursing home care, despite a widespread need for financial assistance. There are, however, a number of options to make sure that nursing home care doesn’t break your bank. For instance, many individuals are interested in becoming eligible for Medicaid coverage. Because Medicaid is a need-based program, a person applying for coverage must meet asset and income limits. No matter what that nice lady from church said, you may not have to sell your house, and despite what that guy on the internet said, you may not want to create a trust.
If you want to know about your eligibility for Medicaid, make an appointment with us. And if Medicaid isn’t right for you? We can tell you about other options to make sure that your long-term care is covered. Call us to schedule a free consultation at (765) 342-8474. You can also contact us online anytime for a free consultation.