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They cover it only if it's rehab and if they come from a hospital where they were admitted previously. They pay for 20 days. There's a daily copay ($164.50 in 2017) for the next 80 days and then they don't pay anything.
Are you thinking MedicAID? That covers stays where rehab isn't involved but it's meant only for the indigent and strict income and asset rules apply. Not every LTC facility accepts it, either.
They cover it only if it's rehab and if they come from a hospital where they were admitted previously. They pay for 20 days. There's a daily copay ($164.50 in 2017) for the next 80 days and then they don't pay anything.
Are you thinking MedicAID? That covers stays where rehab isn't involved but it's meant only for the indigent and strict income and asset rules apply. Not every LTC facility accepts it, either.
Okay, yes. Probably Medicaid, then. I'm asking for someone who basically is indigent except for social security benefits. If Medicare doesn't cover it, then he would need to go on Medicaid to be able to stay in a LTC facility?
Is this person already in a skilled nursing facility? He will need to fit the requirements of not being able to perform several activities of daily living, like dressing or feeding himself, to qualify. Also, any transfer of assets over the last 5 years will be looked at if that is applicable.
There are a limited number of Medicaid beds in many facilities and most seem to go to current residents who have gone through all their money. Some of the "nicer" facilities want 18 months to 2-3 years of private pay before they will even accept a patient.
Medicaid applications can take time so he should apply as soon as possible with a social worker helping, if necessary. Wishing him the best.
It will be difficult to find a nursing home that accepts Medicaid from the get-go. Most of them want 6-12 months of cash payments before they will accept Medicaid for the person. The administrator at my mother's nursing home explained it as, "We need people who pay cash to cover the shortfall in Medicaid's payments for other people". Not nice, but it is reality. Having said that, I can't say there are NO nursing homes that will accept a Medicaid patient. Look into nursing homes affiliated with religious organizations.
LTC insurance typically doesn't cover the cost of residential facility care. A very important difference.
If it's for a permanent facility then that's exactly what LTC insurance is for. My mother had it and could use it for a full-time facility (paid about 80% of the rate) or a set amount for daily in-home care. LTC insurance has been dropped by many companies as it's just not profitable for them. Anyone thinking of getting it now will be hit with huge premiums so for most already at an advanced age it would not be worth purchasing.
There is something called LTC insurance but I'm assuming the older you are the more expensive it is.
Dave Ramsey says that LTC insurance is best purchased in your mid 50s due to wild fluctuations in yearly premiums.
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