If Medicaid pays for long term care services, then does anyone really need long term care insurance?
For people with income and assets to protect, yes. But first, let’s discuss Medicaid and long term care.
Does Medicaid Cover Long Term Care?
Medicaid is a state program that covers long term care services for eligible people age 21 and older. Covered services may include nursing home care and home care or community-based services.
Assisted living services may be covered, but this can vary by state. It’s important to contact your state’s Medicaid office to learn more about the benefits your state offers including the general and financial requirements to be eligible.
Is Everyone Eligible for Medicaid?
Medicaid exists to help pay for care for disabled or elderly individuals with income below the federal poverty level. To qualify for coverage, you must meet the general eligibility requirements and financial requirements of your state.
Many individuals or families have assets to protect such as checking and savings accounts, stocks and bonds, CDs, and property. Most states require you to spend down your assets to $2,000 for individuals or $3,000 for married couples to be eligible for Medicaid coverage.
Why Long Term Care Planning is Important
It’s estimated that 70% of people will need long term care at some point in their lives. Today, the cost of care is staggering and varies depending on the state you live in. These numbers will continue to increase each year due to inflation.
When you’ve worked hard to build your wealth and assets, you don’t want to lose them due to an expensive long term care event. Long term care insurance protects your assets by paying for home and community care, assisted living, nursing home care, and more.
Long term care insurance offers families peace of mind knowing their loved ones are taken care of physically and financially. Buying long term care insurance while you’re young and healthy affords you more options. You get to decide how and where you receive care when you need it.
If you have income and assets to protect, Medicaid may not be your best option. Get an LTC quote today and speak with an LTC Specialist to learn more about protecting your family and your assets.