70% of people over the age of 65 will need long-term care services. Most people are not prepared for the cost. Medicaid does cover some of the costs of long-term care, but a person must meet many eligibility requirements – and they vary greatly from state to state.
To qualify for Medicaid, your parents need to meet three categories of requirements including: eligibility, functional and financial requirements.
Although Medicaid will pay for long-term care, there are restrictions on the qualifications for assistance. First and foremost, Medicaid is a program designed to help those who are impoverished. In order to qualify for long-term care assistance through Medicaid, a person must spend practically all of his or her own assets before Medicaid will begin to pick up the tab.
This raises many questions among caregivers and their elderly parents regarding the financial requirements necessary to quality for long-term care Medicaid coverage. Here are some of the most common questions and questions, provided by the national Clearinghouse for Long-Term Care Information (www.longtermcare.gov).