Medicaid Planning for Seniors

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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
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We have an unprecedented number of people
attaining senior citizen status
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Many of these individuals will require living
assistance at some point in time
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It may surprise you to hear that most seniors in
nursing homes are enrolled in the Medicaid
program
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What About
Medicare?
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Individuals who have paid into the program
sufficiently become eligible for Medicare
coverage at the age of 65
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A lot of people think that Medicare pays for
everything once you become eligible
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Medicare will pay for up to 100 days of
convalescent care but it won't pay for long-term
care
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Will I Really

• Need Assistance?

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

• Assisted-Living Community?

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

• Nursing Home Costs

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

• Sometimes Help

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While Medicare will not pay for long-term care
Medicaid is a government program that can
sometimes provide a solution
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It is intended to provide a health care safety
net for people with limited financial resources
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Let's look at some details about qualifying for
Medicaid to pay for long-term care as a senior
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Resource Limits

• The upper asset limit for Medicaid eligibility is
  2,000

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However, some of your assets don't count toward
this figure
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Your home, up to 536,000 in equity, would not
count
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Your primary motor vehicle does not count either
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In addition, there are some personal possessions
which are not considered to be countable
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The Healthy Spouse

• Many seniors who need long-term-care have spouses
  who are still healthy enough to live on their own

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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
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If you live in the Quad Cities area contact the
Duffy Law Office for Medicaid planning assistance
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We will evaluate your unique personal situation
and give you the best possible advice
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You can reach us by phone at [phone] or
contact us through our website
Click to visit www.DuffyLawOffice.com