Will Medicaid pay for assisted living? This is a question that you need to ask yourself as you close in on retirement age. Understanding the answer to this question can have a large impact on the money you save for retirement, as well as how you approach your health insurance coverage in the future.
Potential Limitations of Medicaid
To start, it is important to know that Medicaid is a combined program between federal and state governments to help older people handle the high cost of health care when they cannot afford to pay on their own.
Medicaid may pay for some services related to assisted living. That being said, Medicaid, in combination with Medicare, will not pay the entire amount for long term care. Fortunately, some health insurance and long term care insurance policies can step in and pay the remainder.
In 37 states, Medicaid pays for some assisted living services with the help of Medicaid waivers.
Depending on the state in which you live you may qualify for a Medicaid waiver program. Florida, for example, has a waiver for all individuals 65 years of age or older along with those suffering from dementia and Alzheimer’s disease.
Maryland, on the other hand, does things a bit differently. Anybody interested in a Medicaid waiver is medically assessed. If eligible they are offered in home service or help at an assisted living facility.
Whether or not Medicaid will pay for assisted living depends largely on where you live. Do you know the regulations in your state? If you find that you may have to pay for assisted living on your own, should it be necessary, you must take this into account as you plan and save for retirement. Not only will you want to save more money, but you should consider the type of health and long term care insurance that you have.