Medicaid. Is a federally funded program that helps pay for medical care for financially needy people. For low income older people who qualify, Medicaid supplements Medicare to cover many of the costs of long-term care -including home care and almost all types of long-term residential care for unlimited time. The medicaid program pays for about half of the country’s total nursing facility costs.
To qualify for Medicaid, an elder must have a low income and very few assets. This means most people are not eligible until they have spent almost all their savings paying for residential facility or home care themselves. Medicaid allows you to keep more assets if one spouse remains at home while the other lives in a long-term care facility.
Medicaid pays a lower rate than that charged to privately paying residents, some facilities either do not accept Medicaid residents or put them in less desirable rooms. So, if you are dependent on Medicaid when you look for a long-term care facility, your choices are very limited. If you become eligible for Medicaid after you are a resident (because your funds diminish), the facility is legally prohibited from discharging you, but it might move you to a different room.
Home Care: income and Asset Limits.
You are eligible for Mediaid assistance for care you receive in your home only if your income and assests faill within guidelines and established by the federal goverment.
A person whose actual monthly income is less than $800 to $2,000 may qualify for home care coverage. For married coupoles, the income limit is higher – roughly $1,200 to $3,000 per month.
Income and Asset Rules for Long-Term Care Facilities
Once a resident of a Medicaid-certified long0term care facility has qualified, Medicaid pays virtually all facility costs for as long as a person remains there. but as with home care, a long-term care facility resident is only eligible when his or her assets are below a certain level. Until then, the resident must pay.