What is Medicaid?
Medicaid is a government program that pays for health care for individuals with limited income and resources, including the elderly, blind, and disabled. While it can be used to pay hospital expenses and other medical care, it is also used for long-term care expenses. In fact, Medicaid pays for over 40% of nursing home costs in the United States.
What Does Medicaid Cover?
In the context of long-term care, Medicaid covers the entire cost of nursing home care, including room, board, pharmacy, and incidentals, minus a small co-pay in some cases.
Medicaid’s Requirements
In order to qualify for Medicaid, applicants must meet strict eligibility requirements. Fortunately, when you work with a qualified Medicaid planning professional, they will help you navigate these rules.
Non-Financial Requirements
To meet the non-financial requirements for long-term care Medicaid, you must be:
- A U.S. citizen
- Age 65 or older, blind, or disabled
- Reside in a Medicaid-approved facility
