• Troyer & Good, PC

Planning Ahead for Medicaid

Updated: Feb 18, 2019

indiana medicaid

The enormous cost of long term care is one of the greatest threats to the financial security of most older adults. Medicare covers very little long term care in a nursing home and its coverage of in-home care is limited. Also, most Medicare supplement insurance policies offer little or no long term coverage.

In fact, less than 3% of nursing home costs in the United States are paid by either Medicare or private insurance. Often times, families will pay for nursing home costs out-of-pocket until they reach poverty level and then turn to Medicaid for assistance. Planning ahead can help alleviate some of these harsh results.

The first step to planning ahead is to assess what coverage you have. If you already have long term or health coverage, find out what it will cover. It is also good to consider what steps you would need to take to qualify for Medicaid.

Our attorneys can help assess your situation to get you qualified for Medicaid. Since Medicaid has rules to help protect a community spouse, Medicaid may be a viable option where one spouse enters a nursing home and one spouse remains at home.

Another step to planning ahead is to assess what you wish to accomplish. If it is important to you to preserve assets to pass along to your heirs, then you may want to protect your assets from the costs of long term care. Even if you have long term care insurance, you can speak with our attorneys about how to further protect your assets.

Source: Indiana Laws of Aging by Indiana State Bar Association
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