Approximately 50% of all Americans who reside in nursing homes receive assistance from Medicaid to pay for their care. This is not surprising, given the extraordinarily high cost of long-term care. The real surprise is that half of all Americans don’t seek Medicaid assistance to cover nursing home costs. Why not? Perhaps the biggest reason is the preponderance of misinformation about Medicaid, the cost of long-term care, and how to pay for it. Here are just a few examples of the myths surrounding the use of Medicaid to pay for nursing home care: The healthy spouse will be kicked out of the family home when the spouse requiring care moves to a nursing home The government will take all of the family’s assets You’ll have to live in an old, dilapidated facility You’ll receive inadequate care, or no care at all Myths like these often come from well-meaning family members,
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There are many reasons you might consider giving your adult children a portion of their inheritance now, while you’re alive and well. Maybe you’ve seen your nest egg grow thanks to a robust stock market, and you have more in savings than you thought you would at this stage of your life. Perhaps you and your spouse enjoy excellent health and have received nothing but good checkups for years, so you’re not overly concerned about medical expenses. Or maybe just want to be there to experience how your financial assistance helps your children pursue their dreams and achieve their goals. While many parents would like to help their adult children financially as much as possible, before acting on your generous inclinations you should consider a number of potential problems. For instance, what if one of your children could use some help right now, perhaps with paying off student loans or
Continue Reading... →In our last post, we discussed some of the options available for long-term care. Now let’s explore additional options, including assisted living and nursing home care. Medical Foster Home/Adult Foster Care A medical foster home is a private home operated by a trained caregiver. Residents may be elderly adults with chronic physical or cognitive health needs who require assistance in daily living, or younger adults with disabilities who want to reside in a non-institutional setting. The United States Department of Veterans Affairs oversees a program that encompasses about 700 U.S. medical foster homes and serves approximately 1,000 military veterans. Medical foster homes are not restricted to veterans, however. Many people in the United States live in non-VA adult foster home arrangements. Post-Acute Care Post-acute care is palliative or rehabilitative care for people who have recently been discharged from a hospital. Rehabilitation centers, nursing homes and other facilities may offer post-acute
Continue Reading... →You’ve no doubt heard about assisted living and nursing home care, but there are many other long-term care options available. An article by U.S. News & World Report provides an introduction to the types of care now available. You can read the full article by clicking here. Adult Day Care Adult day care offers relief to family caregivers and a safe, social environment for older adults. It is suitable for people with mild cognitive impairment, Alzheimer’s disease, or other forms of dementia; people who could benefit from speech, music, occupational, or physical therapy; and elders who crave activities and interaction with peers. Adult day care centers for people with dementia occasionally offer nighttime hours in recognition of the fact that some seniors are more active at night. Aging in Place The concept behind aging in place is to live independently in your own home and community as you grow older.
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