Those of us who are entering our senior years (or who love someone who is) are used to hearing about Medicare, the program that offers healthcare to those over 65. Many of us are knowledgeable about the details and benefits of Medicare; we are familiar with how it works.
Read more about the difference between Medicaid and Medicare here.
Believe it or not, Medicaid — the program we usually associate with community healthcare — can also offer benefits to seniors. There’s a lot of misinformation out there, though, so let’s address a few common Illinois Medicaid myths.
Myth #1: Medicaid is just a Federal program.
Truth: Medicaid is a Federal program that is State regulated.
One of the trickiest things about Medicaid is that funding comes from the federal government. The program follows federal rules, but it’s also regulated by the states, and each state has its own set of rules. This can make it difficult to collect all the information you need to make informed decisions.
This also makes it easy to get inaccurate information about Medicaid from a regular internet search.
When researching Medicaid, make sure that you obtain both reliable information about federal guidelines, and state-specific information from a trusted source. It’s important to understand not only the federal regulations, but also the state guidelines. If you or your loved one lives in Illinois, you need to make sure the information you gather is specifically about Illinois Medicaid.
Myth #2: Medicaid doesn’t offer specific benefits to seniors.
Truth: Medicaid can pay for your nursing home care.
In Illinois, community Medicaid exists for members of our community who need help paying for health insurance or who don’t receive health insurance through their employer. This is the version of Medicaid many of us recognize.
But, in Illinois, there is also a Medicaid program called Long-Term Care Medicaid that can pay for room and board for people who are in a long-term care facility. Room and board in a nursing home can be very expensive—upwards of $10,000 to $12,000 a month! So, Long-Term Care Medicaid benefits can make all the difference when it comes to paying for long-term care.
Of course, Long-Term Care Medicaid has different regulations than community Medicaid, so you’ll want to make sure you know which program is right for you, along with any state-specific rules that might apply.
Myth #3: You have to spend down all your money to qualify for Medicaid.
Truth: YOU DO NOT HAVE TO SPEND DOWN!!! There are ways to protect your assets and qualify for Medicaid.
One of the biggest myths about Medicaid is that you have to spend down all your money in order to be accepted into the program. This one is tricky because, yes, the Medicaid program does have income and asset requirements you must meet before being accepted.
However, there are legal tools and strategies that knowledgeable, experienced elder law attorneys use every day to help people protect their assets and qualify for Medicaid. You do not have to spend down all of your money to qualify for care!
Particular strategies will vary depending on your individual situation, but could include a Medicaid Asset Protection Trust or an Irrevocable (or Nest Egg) Trust.
If you or your family are currently paying privately and are already in a nursing home, it’s NOT TOO LATE!
Busting Myths and Using Medicaid
Many of these myths are really worries about money—worries that we can often put to rest.
Your legacy deserves to be protected, even if you choose to use Medicaid to assist with your healthcare costs. Our elder law team has a multitude of legal tools at our disposal to safeguard your assets for yourself and your loved ones, so your wealth goes to your family, instead of to the nursing home.
Give us a call today at 217-726-9200 and schedule an Elder Care Consultation with our elder law team or make plans to attend an upcoming workshop. Together, we can create a plan that uses every available tool to protect your family and your peace of mind from the exorbitant costs of long-term care.