Long-term Care Medicaid vs Insurance: What's the Difference?
Beneficent: LTC Funding Education & Options
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Apr 20, 2023
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Understanding Long-Term Care Medicaid and Insurance
The #1 cause for people filing for bankruptcy due to medical bills.
“A new study from academic researchers found that 66.5 percent of all bankruptcies were tied to medical issues.” Therefore, the cost of long-term care is often a major concern for families. When it comes to managing the costs associated with long-term care, there are 2 primary options available to individuals and families.
- Long-term Care Medicaid
- Long-term Care Insurance
Before deciding which option is the best fit, it’s important to understand the differences between these two types of coverage. Read on to learn more about understanding Long-term Care Medicaid and Insurance.
Long-term Care Medicaid
Long-term care Medicaid is a government program that provides medical and related services for people who meet certain income and resource requirements. This program is jointly funded by state and federal governments, so the details can vary from state to state. In general, eligibility requirements include being over 65 years old, blind or disabled and needing help with more than 2 of the activities of daily living. (Activities of daily living examples – getting dressed, bathing, cooking, and more.) In some cases, individuals may be eligible for Long-term Care Medicaid even if their income and resources exceed the eligibility limits.
Long-term Care Insurance
In contrast to Long-term Care Medicaid, Long-term care insurance is an individual policy that you purchase from an insurance company. This type of coverage pays for custodial services such as assistance with activities of daily living like bathing and dressing as well as inpatient nursing home stays up to a predetermined amount per day. It can also cover other professional services like adult daycare programs or home health aides. Depending on your policy, you may also be eligible for additional benefits such as mental health treatment or respite services for family members who are providing care at home.
Pros and Cons
Many people find that they cannot afford the high premiums associated with Long-term Care Insurance, and Medicaid is a great option when it comes to paying for long-term costs. Preexisting conditions may also hinder an applicant’s ability to attain a Long-term Care Policy. With a lot of misinformation, many people also find it hard to determine if they are even eligible for Medicaid.
Deciding which type of coverage—Long-term Medicaid vs Insurance—is right for your situation can be difficult because of their complexities. Both options have their pros and cons but understanding them both can help guide you toward making an informed choice about how best to manage the costs associated with long-term care. Need to determine if you are eligible for Medicaid? Meet with Stacy Osborne, a Medicaid Certified Planner. In 1 hour, you will walk away with a Long-term Care plan in place at no charge.
Stacy Osborne, MBA, CMP
Beneficent CEO
719.645.8350
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About Dignity Care
Dignity Care is a homegrown business in Boulder.In the 1990s, Mary Kirk, a registered dietitian, began caregiving for family and relatives. Her husband, Ged, offered a companion travel service for the elderly and disabled. Together they established Dignity Care, LLC in 1997 as a home care business with just two caregivers and a home office.As demand for home care service increased, Mary recruited additional caregivers, but always with an emphasis on the compassionate, respectful, personalized care that was Dignity Cares trademark. Mary created her own approach to senior home care, unique in this area.With this dedication and passion to provide the best caregivers in the Boulder County region, Dignity Care has continued to grow and in 2009 became licensed as a Class A home care provider. We specialize in using Certified Nursing Assistants on our teams so we can bring you the skill and experience you deserve, if you have any questions, please call us at 303-444-4040.
In Home Care Helps Seniors with Depression
Too many seniors grapple with isolation and depression, but these are not a normal part of growing older. They are treatable medical illnesses, much like heart disease or diabetes. Depression is a serious illness affecting approximately 15 out of every 100 adults over age 65 in the United States.Seniors experiencing feelings of depression and isolation have a higher risk of hospital admissions, as well as a higher risk for being scammed. Not to mention it makes for a miserable life.So, what can you do? Helping seniors stay healthy means more than ensuring they get good physical care. Individuals living alone miss out on the stimulation of interactions with others on a regular basis. Our caregivers serve that dual purpose of providing physical care and social connection. We enjoy our clients, building a relationship with them, and sharing the highs and lows of their days. Caregivers can laugh with their clients and be an empathetic ear. We make sure our clients are getting out of the house and attending events and activities that interest them.Hiring a caregiver to help out, even for a couple of hours each week, brings conversation and spark along with the physical help. Caregivers are a good antidote for depression. If you have any questions, please call us at 303-444-4040.
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Hot summer days are a good time for everyone to think about staying hydrated. For older adults the topic of hydration is a year-round discussion that never goes away. Its a serious issue for most seniors but doesnt get resolved because it needs to be addressed every day and cant be solved with a pill.Seniors have a very high risk for dehydration, which is one of the most frequent causes of hospitalization after the age of 65. They have a greater risk of dehydration for many reasons, including the fact that as we age, our kidneys become less efficient at conserving fluids, our sense of thirst weakens, and we are less able to adjust to changes in temperature. Some medications like diuretics, sedatives, and laxatives can also cause increased fluid loss.Dehydration can cause temporary symptoms that mimic symptoms of Alzheimers. If dementia-like symptoms seem to appear suddenly, it could be dehydration which is easily curable.Symptoms of dehydration range from minor to severe and include persistent fatigue, muscle weakness, headaches, dizziness, nausea, forgetfulness, confusion, lethargy, increased heart rate, sunken eyes, dry mouth, dark colored urine. Urine should be clear to pale yellow. I tell my clients that if their urine is darker than pale yellow, they should head straight to the kitchen from the bathroom and drink a full glass of water. Keeping a glass of water beside you all day to sip on rarely results in someone drinking enough fluids. Its more effective to drink the entire glass, even if its a small glass. Seniors cant rely on their sense of thirst to tell them when to drink water. Scheduling a glass at each meal and/or after a bathroom visit, making sure to drink the full glass, is the best way to make sure youve gotten your full daily amount.If you have any questions, please call us at 303-444-4040.
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Beneficent: LTC Funding Education & Options
Medicaid Planning 665 Southpointe Court, Colorado Springs, Colorado, 80906Beneficent creates solutions for senior and disabled adults to pay for Long-term Care Services - INCLUDING HOME CARE, ASSISTED LIVING, OR SKILLED NURSING. Our clients benefit from step-by-step guidance which results in minimizing spend down, preserving assets, and limiting out-of-pocket expenses. BENEFICENT HAS OVER 200 FIVE-STAR REVIEWS ON GOOGLE AND THE BETTER BUSINESS BUREAU. During our FREE initial consultation, you'll walk away with certainty on your next steps moving forward regarding how to pay for long-term care.