Figuring out how Medicaid fits in to estate planning can be a challenge. Particularly with Americans living longer these days, figuring out assisted living can be very challenging. There are many difficulties that come along with seniors moving into assisted living facilities, and one of the biggest ones is the cost. It is estimated that assisted living costs an average $4,000 a month across the country, which can be prohibitively expensive for most. However, according to Care.com, Medicaid will cover certain expenses related to assisted living.
Since the benefits given by Medicaid are state-based, the exact nature of what is covered depends on the rules of the state. However, there are certain common things that Medicaid covers in the majority of states. These coverages include things like transportation, medication management, personal care services, health aides, and general monitoring.
It is important to be aware that Medicaid will not cover the costs of living at an assisted living facility directly. Depending on the situation of the senior involved, the state may offer specific waivers to help them cover the cost of assisted living. Another potential option is to have a home care aide as opposed to moving into an actual assisted living facility.
Generally speaking, the system expects that the senior in question will contribute as much toward the cost of assisted living as is possible. There are many ways to attempt to cover this cost. Persons who are veterans, for example, are often eligible for assistance through Veterans Affairs. Some seniors may choose to purchase long-term care insurance prior to needing assisted living. Reverse mortgages can also be an avenue for seniors who own their own home.