Overland Park Medicaid attorneys can provide invaluable help to seniors seeking to have their costs of care covered. If you are getting older, chances are you will have more urgent — and more costly — healthcare needs. Employee Benefit Research Institute estimated that a senior couple will need $370,000 to cover healthcare costs during retirement if they use any substantial amount of prescription drugs.
Seniors who have to move to a nursing home or who need other long-term care will need even more money than that astronomic sum, as the costs of a nursing home total thousands of dollars per month and the elderly and infirm could be in a nursing home for a long time.
Parman & Easterday provides personalized help to those who want to be sure they can qualify for Medicaid to help pay for their essential care. They do not want to end up impoverishing themselves because of high nursing home care costs or other health expenditures. You have worked hard acquiring your nest egg that you want to serve as your legacy. You don’t want to lose everything just because you get sick and need care.
To find out how our firm can help you plan ahead to qualify for Medicaid when you need it, give us a call today. You can also read on to learn about three key ways that Medicaid helps seniors.
Medicaid Can Pay for Nursing Home Care
One of important way that Medicaid helps seniors is by paying for nursing home care when it becomes necessary. Neither Medicare nor private insurance will pay for long term care. The exception is long term care insurance, which few have been able to acquire and even fewer to maintain. Medicare and private insurers only pay for skilled nursing care, which is care provided by a trained medical professional, and then only for a limited period of time.
Most people who move to a nursing home only need custodial care, basic routine help with activities of daily living that is provided by someone without special training. While Medicare won’t pay for custodial care, Medicaid can — but only for those who qualify.
If you have too many countable assets, you cannot get Medicaid until you’ve impoverished yourself. The Medicaid planning process, however, allows you to protect assets so you can still keep your wealth as your legacy while getting Medicaid to cover the costs of your care.
Medicaid Can Provide Coverage That Medicare Doesn’t
Medicaid also provides coverage for certain other types of care that Medicare will not. Many people think Medicare is very comprehensive, but there are significant limitations in the coverage provided. This is especially true about prescription drug coverage. Medicare patients often spend thousands of dollars out of pocket on their medications.
Medicaid Can Help You to Afford Medicare Premiums and Coinsurance Costs
For low-income seniors who meet eligibility requirements, Medicaid can help cover Medicare premiums and co-insurance costs. Medicare is not free, contrary to what many people think. You’ll pay a premium and for Medicare Part B you will pay a 20 percent coinsurance cost. Medicare Part B is what covers routine outpatient care.
The coinsurance costs and premiums can be out of budget for seniors on a fixed income — but Medicaid can help make these costs more affordable if you meet income limits and qualify for help.
Getting Help from Overland Park Medicaid Attorneys
Don’t leave your future up to fate. You might hope you won’t get sick and end up losing everything, but that is all it is – a hope. You need to be proactive and do everything possible to protect assets and qualify for Medicaid when you need care.
Parman & Easterday can help you. Reach out to our legal team to find out about the assistance we offer. You can join us for a free seminar to find out about Medicaid planning and other ways to protect your wealth as you get older. Call today at (405) 843-6100 or contact us online when you are ready to put your personalized Medicaid plan in place.