There are a variety of ways to finance long-term care; each has its own advantages, requirements and complexities. We help determine the best option for our clients and guide them through the process.
Options for Financing Long-term Care
The rules for each option are complex and constantly changing. The explanations below are not legal advice, but general descriptions of what each program provides.
Medicare provides health care coverage to those who have reached age 65 or those who are under age 65 and have been disabled for two years. Coverage for long-term care is limited to 100 days or less with a co-insurance charge and only after a minimum three-day hospital stay.
We help our clients sort through the complex rules and regulations and help them determine how to proceed after their Medicare coverage ends.
Veteran’s Administration (VA) provides limited health care services to military veterans in facilities under contract with the federal government. The Minnesota Department of Veterans’ Affairs also provides long-term care to qualifying veterans and their spouses.
We assist our clients in determining the relative advantages and disadvantages of a VA placement and we explain the differences in the financial qualification rules between the VA and Medicaid.
Long-term Care Insurance is offered by private insurance companies. These policies are often limited in scope and duration. It is important to know not only what they cover but also whether there is any sort of inflation coverage or cancellation protection.
We give our clients objective information about whether a long-term care insurance policy is appropriate for them and we help them choose the best policy for their situation.
Medical Assistance pays for health care for low-income individuals with inadequate insurance coverage. Recipients must be within program asset and income limits. Most medically necessary services, including institutional care or home and community-based care, will be paid by Medical Assistance if the applicant qualifies. We guide our clients through the complex rules and regulations that govern this program. Once our clients are ready to apply for benefits, we take care of preparing and submitting the application on their behalf.
The federal government sets the general boundaries within which states establish their own Medicaid programs; Minnesota’s program is called Medical Assistance.