It is well known that the cost of healthcare is high, but often it goes unconsidered how the cost of healthcare effects our nation’s seniors—this is especially the case when considering long-term care.
Medicare, a federal health insurance program, is tailored towards those sixty-five and older and is a common choice for coverage. But Medicare falls short, covering urgent and follow-up care needs, leaving many seniors without what they need most: long-term care, such as home health aides and nursing facilities. Medicaid’s ability to cover a wider range of benefits gives seniors access to long-term benefits, community-based services, and can adapt its offerings based on state specific needs.
What Are the Benefits of Medicaid?
Medicaid provides seniors and their families with access to long-term care services. The financial burden of long-term care is considerable; the median annual cost of nursing home care increased from $116,800 in 2023 to $127,750 in 2024 and will only continue to rise. Planning can help seniors protect their assets while qualifying for essential Medicaid benefits, creating less stress for them and their families.
Medicaid can also assist seniors with out-of-pocket Medicare costs, helping to reduce the burden of high premiums and deductibles.
Critical services are also covered by Medicaid. These resources—prescription drugs, eyeglasses, hearing aids to name a few—are vital to the wellbeing of seniors, and Medicaid ensures that seniors can afford these essentials.
Medicaid can work hand in hand with Medicare, covering essential needs that Medicare does not, and many seniors can qualify for both programs. This dual eligibility means that the costs of essential needs are significantly reduced and access to healthcare is enhanced.
In some states, Medicaid can also provide support for unpaid family caregivers, recognizing the vital role they play in senior care. This support helps lighten the burden on family caregivers and ensures that seniors can continue living safely and comfortably in their own homes.
The Importance of Early Medicaid Planning
Early planning is vital to providing seniors with the care that they not only need, but that they deserve. Proper financial structuring can prevent the loss of assets, reduce financial stress, and ensure access to a wide array of care options. Moreover, the importance of planning ahead is emphasized by Medicaid’s five-year look-back period. This look-back period is when Medicaid reviews all financial transactions made by the applicant within the five years prior to applying, confirming that the applicant meets the stringent eligibility requirements.
While it seems like a tough challenge, our Medicaid specialists know what steps to take to make sure you qualify. Their invaluable experience has helped countless clients get access to the care and support they, or their loved ones, need as quickly as possible. If you need help planning and applying for Medicaid, call our River Edge, New Jersey Law Office at 201-502-7834, or send us a message on our website with a brief description of your situation, and we will get back to you.