Medicaid Eligibility: How the Elderly Can Qualify

An elderly man

Medicare was a life-changing piece of legislation for America’s seniors.

Before it came along, only about 55 percent of older Americans had health insurance. Now, anyone over 65 can get coverage.

However, Medicare doesn’t cover everything a senior needs. For example, it won’t pay for long term nursing home care. For that, you need to turn to Medicare’s sister program, Medicaid.

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Helpful Ways to Pay for Assisted Living Costs

Health Care Worker and Elderly ManAssisted living rent can vary from $2,000 to $5,000 monthly. Depending on what type of care your loved one needs, assisted living can be the most affordable solution when compared to a nursing home ($5,000 to $10,000 or more per month) or long-term in-home care. If closely monitored medical supervision is not necessary for your aging senior, assisted living might be the best financial choice.

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Paying for Long-Term Care – A Creative Approach

Medicaid word cloudThe business of selling long term care insurance has changed dramatically over the last 20-30 years, which in turn has affected how senior citizens protect their assets.

What was once a busy marketplace of more than 100 insurers vying for long-term care dollars, has shrunk to a group of fewer than 20.

This was because many insurers drastically underestimated how long their policy holders would live, and how many claims they would file.

As the Wall Street Journal reported earlier this year, the insurance industry is in the midst of something of a panic trying to cover its losses, which means that many senior citizens who have long-term care policies are seeing significant rate hikes, some as high as 90 percent.

This leaves them with an almost impossible choice: pay this steep increase or walk away from coverage you’ve been paying into for years, if not decades.

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