What Does Medicaid Pay For Long-Term Care?
"A rule of thumb for the year 2021 is a single individual, 65 years or older, must have income less than $2,382 / month."
51%: Percentage of long-term care services and supports that were provided through Medicaid, 2013.
20%: Percentage of long-term care services and supports that were provided through other public sources, 2013.
62%: Percentage of nursing home residents whose care is provided by Medicaid.
20%: Percentage of Medicaid funding that went to pay long-term care costs in 2016.
50%: Expected increase in Medicaid spending for long-term care between 2016 and 2026.
$123,600: Maximum amount of assets that a healthy spouse can retain for the other spouse to be eligible for long-term care benefits provided by Medicaid, 2018. (Actual amounts vary by state.)
$3,090: Maximum amount of monthly income that a healthy spouse can receive for the other spouse to be eligible for long-term care benefits provided by Medicaid, 2018. (Actual amounts vary by state.)
100: Days of care in a skilled nursing facility ("rehab") covered in full or in part by Medicare following a qualifying hospital stay.
Whether you are an insurance professional, financial advisor, attorney, CPA, or other professional providing guidance to clients and their families, it is critical to understand that their needs extend well beyond asset accumulation, income distribution, and estate planning