Government assistance programs are a common option for people looking for healthcare coverage, especially over the age of 65. However, while Medicare covers a lot, even covering emergency hospital visits at no cost, it doesn’t cover long-term care. Medicaid, a needs-based healthcare program for persons of all ages, covers the cost of long-term care for seniors and disabled individuals who meet their state’s eligibility requirements.
A wide variety of long-term care benefits may be covered based on the state and the Medicaid program for which one is applying. While nursing home care is available, there are many home and community-based services that might also be an option.
Medicaid long-term care can be provided in several settings. While originally only available to Medicaid recipients in an institutional setting, such as a nursing home, Medicaid has since expanded the locations in which one can live and receive long-term services and support. Based on the state, assistance may be provided in one’s home, the home of a close friend or relative, an adult foster care home, an assisted living facility, or in memory care (Alzheimer’s special care unit). While Medicaid may cover the cost of long-term services and supports in an adult foster care home or an assisted living residence, Medicaid will not pay the room and board portion.
Healthcare costs are increasing each year, long-term care costs included. Americans spend billions of dollars a year on various services. How people pay for long-term care depends on their financial situation and the kinds of services they use. Often, they rely on a variety of payment sources, including personal funds, pensions, savings, and income from stocks, or government assistance programs such as Medicaid, private financing options, such as long-term care insurance, veterans’ benefits, or services through the Older Americans Act.
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If you’re looking to see how Medicaid and long-term care costs fit into your overall financial plan, a financial professional can help you fit the whole puzzle together so that you know your options, maximizing you’re maximizing your savings, and aren’t paying more than you should for long-term care coverage. Contact us at (540) 720-5656 to get started.
Amy Anderson joined the ILG Financial team in 2023 as the client relations coordinator. Her responsibilities include scheduling of appointments, annual check-up notifications, and annuity and required minimum distribution assistance. She is a graduate of Harding University with a degree in Computer Information Systems. Amy and her husband have two children and she enjoys reading, crocheting, music and spending time with her family.
Chase Lopez joined the ILG Financial team in 2020 as an advisor. Chase is a 2016 James Madison University graduate with a degree in management. Chase has been trained under the tutelage of Dave Lopez, who is not only the founder and managing member of ILG Financial, but also is Chase’s uncle and godfather. He also enjoys working alongside his cousin, Megan, who is Dave’s daughter. Chase, as a fiduciary, believes in putting his clients interests first, and building out plans for his clients where they can have a happy and fruitful retirement. He married his beautiful wife in February 2022 and both use most of their free time chasing around their little pup, Aurora.
Jessica Carson joined the ILG Financial team in 2018 as an agent. Jessica and her husband have four children, two dogs, 3 barn cats, 5 chickens, and three parakeets. She indeed loves her children and pets! When not at work, Jessica enjoys playing the piano and cello as well as traveling and spending time outside with her family, hiking, fishing, and boating.
Terri Center joined the ILG Financial team in 2019 as client services manager. She handles client records, application processing, and gathering information to provide a professional and friendly experience with all of our clients. Terri is a graduate of Oakland University. She is married and has two children. She enjoys hiking, family time, and puzzle challenging video games. She also likes to share her creativity in her canvas paintings and sewing projects.
Megan Jones joined the ILG Financial team in 2020 as marketing director. Megan and her husband live in Fredericksburg, VA with their German Short Haired Pointer, Gus. Megan is a graduate of Longwood University and holds a degree in communications. Megan is the oldest of Dave Lopez’s three children and not only enjoys working alongside her father, but also with her cousin, Chase, who joined the ILG Financial team in 2020 as an advisor. When not at work, Megan enjoys sitting on the back porch with family and friends enjoying food and music.