You hope it never happens, but there may come a point in your life when you require nursing home care. The same holds true of your loved ones, such as an aging parent or grandparent.
There are many questions associated with nursing home planning, including this one: what’s the best way to pay for care?
While there are many answers, one is better than the rest: Medicaid.
However, Medicaid isn’t something everyone can use to pay for long-term care. You must first qualify, and that’s easier said than done.
The Medicaid program will take your countable resources into account when deciding on your eligibility. In other words, if you have too many assets, you’ll be ineligible for benefits. This will lead you to seek another strategy for paying for long-term care.
What About Medicaid Planning?
In a perfect world, you’d plan far enough in advance that you eventually find yourself eligible for Medicaid benefits. Unfortunately, this doesn’t always happen. And that’s why emergency Medicaid planning often comes into play.
With this, you’re taking immediate steps with hopes of becoming eligible in the near future. For example, there are ways to properly deal with excess income, thus improving the likelihood of approval.
Nursing Home Planning Questions
It’s natural to turn most of your attention to the best way to pay for nursing home care. However, if you stop there, you’re missing out on other details that are just as important. Answer these questions:
- Which nursing home facility is best for you or your loved one?
- What types of amenities are most important?
- Are there any ways to cut costs without compromising amenities and service?
- Is the nursing home stay permanent or temporary?
When it comes to emergency Medicaid and nursing home planning, there’s no shortage of questions to answer and concerns to address.
No matter what’s on your mind, you can contact us for professional guidance. We’ll make sure you implement a plan that puts your mind at ease.