April 10, 2019 0):?> in: Senior Finances Uncategorized
There are so many things to consider if you or an elderly loved one are in need of a Medicaid nursing home. Managing these costs can seem like a daunting task. Understanding the differences between Medicare and Medicaid can greatly help.
Medicare is insurance for seniors 65 and older, to provide for hospitalizations, rehabilitation therapy, and some in-home therapies for a short time period afterward. This program does not pay for any type of long term care or facilities. So what is a disabled, elderly person to do when they need funding for long term care arrangements? Medicaid for Americans can then be applied for, as health insurance that can cover most long-term health care costs. According to Medicaid.gov, “Medicaid coverage of Nursing Facility Services is available only for services provided in a nursing home licensed and certified by the state survey agency as a Medicaid Nursing Facility.” You must meet the assets and income requirements of the government, and your state requirements as well, in order to begin to receive these benefits. Most states have flexible income guidelines for receiving Medicaid payments for long-term care. Not all homes for long term care will accept Medicaid, so a knowledge of the places in your area that will accept it is vital to begin your search.
There are two basic types of care facilities for an aging senior needing daily care assistance and in a facility offering medical supports. These are assisted living facilities and skilled nursing homes. Assisted living and skilled nursing homes are long-term care facilities that can be covered under Medicaid.
How much health care is needed on a daily basis will determine which of these two options are best for a Medicaid nursing home. Nursing home care is for anyone who requires 24-hour monitoring and needs the care of a skilled nurse, as well as other types of therapies. Assisted living communities are for those who may need assistance with some personal care, may have memory loss issues, and it would not be safe for them to live alone.
For a Medicaid nursing home in the state of New Mexico, these are some guidelines. You need to be a resident of New Mexico, U.S. citizen or be in a proper immigration position. Are you 65 or older needing care for more than 30 days? If you are single, income cannot be higher than $2,250. Then there are limitations on your assets as well. These are just some things to check on before applying for Medicaid to cover long term care facility costs.
The Montecito, in Santa Fe, New Mexico does accept Medicaid. If an independent senior resident needs care services, we offer Home Health Service Care brought into an apartment. If more care is required at a later date, a resident has the option of moving to an assisted living apartment. We have some great overall ratings as well. Consider giving us a call to find out more on how we can assist you or your loved one.