Filing a Medicaid Application for the Elderly can help offset the often-prohibitive cost of long-term care. While long-term care is often a necessity as individuals age, the high cost can make it either a nightmare or impossible to afford. Filing a Medicaid Application for the Elderly can help unlock the financial benefits of Medicaid for long-term care. Let’s take a look at how the benefits work.
Learn How Filing a Medicaid Application for the Elderly Can Help You:
When filing a Medicaid Application for the Elderly, it’s important to note that not all assisted living facilities are contracted with Medicaid. The ones that are contracted have different agreements that pay out different amounts. Generally, the amount is $1,400-$1,700 a month. The patient is responsible for the remaining bill each month. Assisted living facilities are often $4,000-$6,000 a month, depending on factors such as the quality of care given and the state of the facility.
While Medicaid does not pay as much toward assisted living facilities as it does for skilled nursing facilities, up to $1,700 a month is still a substantial subsidy. Additionally, some of the benefits of assisted living facilities are the increased independence and more comfortable, apartment-style living. In order to obtain long-term care benefits for assisted living, it is crucial to file a Medicaid Application for the Elderly.
The benefits of filing a Medicaid Application for the Elderly are different when it comes to skilled nursing facilities. Contrary to assisted living facilities, Medicaid is contracted with all skilled nursing facilities in the state of Florida. The payment structure differs as well. As the result of successfully filing a Medicaid Application for the Elderly, a patient in a skilled nursing facility must pay what is known as their “patient responsibility” each month. In general, the patient responsibility is their gross monthly income minus a “Personal Needs Allowance” of $160, minus health insurance premiums, minus other deductions when applicable such as spousal diversion, excess housing costs, etc. Keep in mind that skilled nursing facilities routinely cost $10,000-$12,000 per month.
Here is an example of how Medicaid benefits obtained from a Medicaid Application for the Elderly will pay out. Suppose a nursing home costs $12,000 per month and the patient’s gross monthly income is $2,200 in social security. Let’s also suppose that their health insurance costs 4125 a month. Let’s calculate their patient responsibility. $2,200 (SSA income)-$160 (Personal Needs Allowance)-$125 (health insurance premium)=$1,915 owed to the nursing home. That means that Medicaid pays the remining $10,085 a month ($12,000-$1,915). That is a game changer.
Over to You:
Whether you or a loved one needs assisted living or skilled nursing care, filing a Medicaid Application for the Elderly can provide much needed financial support in a time of need.
If you want to ensure that you or a loved one is receiving the best care possible regarding filing a Medicaid Application for the Elderly, look no further than Platinum Benefit Services. We have obtained over 14,000 approvals for our clients over 27 years of service. Contact Platinum Benefit Services today!
