Medicaid is the United States health program for eligible individuals and families with low incomes and resources. It is a means tested program, that is, a program based upon your income. It is jointly funded by both the state and federal governments, but it is managed by the states and each state decides who is and is not eligibility for Medicaid. In these tough economic times, many states have decided to cut Medicaid for seniors. And the GOP Plan/budget calls for Mediaid to be slashed by $800 billion over the next ten years. Not a good omen for seniors who may need nursing home care.
If you or your parent needs skilled nursing care; but they do not have the income to pay for it, they may be eligible for Medicaid. The average 65 year old American can expect to spend 2.4 years in a nursing home over their lifetime and contrary to a popular misconception, Medicare does NOT pay for nursing home care. 66% of all seniors currently residing in nursing homes are on Medicaid and the cost of nursing home care can be quite expensive. Again, since 2008, some states have seriously cut back on their funding for Medicaid.
Medicaid also assists low income seniors in paying their Medicare premium payments, deductibles and co-pays.
To see the cost of nursing home care in your state, click here
To see what the current eligibility requirements in your state are, click here.