Long Term Care Insurance
Medicaid and Long Term Care
Medicaid is a joint federal and state program designed to pay for
health services for those with low incomes or high medical bills relative
to income and assets. Medicaid will pay nearly half the cost of all
nursing home care as well as some home and community-based services.
In order to receive Medicaid help, one must meet their state and federal
guidelines for income and assets. Most people who plan to rely on
Medicaid to pay for their long term care stay will first pay out of
their own funds and until they are eligible. Medicaid may then pay
part or all the cost of nursing home care.
You may have to spend most, or all, of your assets to qualify for
Medicaid. The rules differ in each state governing the amount of money
and other assets you may keep to be eligible.
For more
information on Medicaid, please visit
Medicaid Long Term Care Services.
Source:
National Association of Insurance Commissioner, 1999
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