Do not wait until you are broke to apply for Medicaid

| May 17, 2019 | Firm News

Now that your parents are getting on in years, it is your time to take care of them. Sometimes the best way to do that is round-the-clock care, and this can be an expensive burden to take on.

Before you start draining your family’s bank accounts to pay for long-term care, consider sitting down with your parents to discuss Medicaid options. Eligibility for the state’s Health First Colorado program may be within your reach.  

Cost of nursing home care

Until you are looking into nursing home options, you have no reason to even think about how much these facilities cost per month. In Colorado, the median is just over $6,000, and this includes all nursing homes across the state. With this staggering amount, it may not take long to create a strain on your finances.

You may believe that your parent cannot receive Medicaid assistance because he or she has assets, including a home or a car, but requirements for this program are more generous than you might think. Your mom and dad can get financial help while retaining the assets they have.

Eligibility requirements for Medicaid

Because the general population tends to see Medicaid users as mostly poor individuals, many people think that facilities that accept it offer inferior care. However, an impressive 87% of nursing homes in Colorado care for residents who are using Medicaid, including both affordable and expensive options.

Though Medicaid puts stipulations on income, your parents’ family home, their car and their life insurance policy are exempt from consideration. Furthermore, if their income exceeds the maximum amount or their assets go beyond minimum values, you still have the option of planning ahead before applying for Medicaid, so that many of these assets stay intact.

When the time comes to transition your parent to a long-term care facility, take the time to plan how you will pay for it. Medicaid assistance is not as unreachable as you might think, and with the right plan in place, no one needs to become poor to receive this help.