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Medicaid Planning for Seniors

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One of the pressing elder law issues of our time is the matter of long-term care expenses. This presentation talks about Medicaid planning for seniors in Iowa. – PowerPoint PPT presentation

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Title: Medicaid Planning for Seniors


1
Medicaid Planning for Seniors
2
One of the pressing elder law issues of our time
is the matter of long-term care expenses
3
We have an unprecedented number of people
attaining senior citizen status
4
Many of these individuals will require living
assistance at some point in time
5
It may surprise you to hear that most seniors in
nursing homes are enrolled in the Medicaid
program
6
What About
Medicare?
7
Individuals who have paid into the program
sufficiently become eligible for Medicare
coverage at the age of 65
8
A lot of people think that Medicare pays for
everything once you become eligible
9
Medicare will pay for up to 100 days of
convalescent care but it won't pay for long-term
care
10
Will I Really
  • Need Assistance?

11
Some people don't give the matter of LONG-TERM
CARE much thought
12
They expect to be fully capable throughout their
senior years
13
The statistics tell a different tale
14
The United States Department of Health and Human
Services states that 70 of Americans will
someday need long-term-care
15
How Expensive Is An
  • Assisted-Living Community?

16
If you don't need an extraordinary level of care
you may stay in an assisted-living community
17
On average across the United States, in 2012 the
average cost for a year in an assisted-living
community was 42,600
18
In the state of Iowa costs are less expensive
at just under 35,000 annually
19
People often spend a number of years residing in
assisted-living communities
20
Iowa
  • Nursing Home Costs

21
Nursing homes provide a higher level of care than
assisted-living communities
22
As a result, NURSING HOME COSTS are quite a bit
higher
23
Iowa nursing home costs are significantly lower
than the average national costs
24
A single day in a private room in a nursing home
in Iowa in 2012 averaged 171
25
This is 62,415 per year
26
Medicaid Can
  • Sometimes Help

27
While Medicare will not pay for long-term care
Medicaid is a government program that can
sometimes provide a solution
28
It is intended to provide a health care safety
net for people with limited financial resources
29
Let's look at some details about qualifying for
Medicaid to pay for long-term care as a senior
30
Resource Limits
  • The upper asset limit for Medicaid eligibility is
    2,000

31
However, some of your assets don't count toward
this figure
32
Your home, up to 536,000 in equity, would not
count
33
Your primary motor vehicle does not count either
34
In addition, there are some personal possessions
which are not considered to be countable
35
The Healthy Spouse
  • Many seniors who need long-term-care have spouses
    who are still healthy enough to live on their own

36
If you were applying for Medicaid to pay for
long-term care your spouse can keep half of the
community assets up to a limit
In 2013 this limit is 115,920
37
If you live in the Quad Cities area contact the
Duffy Law Office for Medicaid planning assistance
38
We will evaluate your unique personal situation
and give you the best possible advice
39
You can reach us by phone at (563) 445-7400 or
contact us through our website
Click to visit www.DuffyLawOffice.com
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