If you are considering moving into a retirement community, you might already have some idea about the many different factors that you might need to think about before carrying out the move. One of the biggest considerations that might be crossing your mind would be the finances. How exactly are you going to be paying for life in an assisted living community? If this sounds like something that you have been pondering about, then read on to learn whether you may be eligible to use Medicaid to cover assisted living costs and how this can help ease the financial burdens associated with moving to a retirement community.
What Is Medicaid?
If you’re unfamiliar with Medicaid, it is a government-assisted program that provides Americans with long-term coverage. This is especially so for underprivileged Americans who are unable to afford the costs of the care that they require and need some additional help. The majority of the funding for Medicaid is provided by the government. However, since this is only available to a select group of people, you are required to meet the requirements that we have listed below before you can qualify for Medicaid.
- Your income must be below the amount mandated by Medicaid requirements of your specific state or your countable asset limits must fall below a stated threshold.
- Any expenses related to your medical care must be greater than the income you receive.
- You must be residing in a state where you wish to get these benefits.
- You must either be a permanent resident of the United States or have U.S. citizenship.
Can Medicaid Cover Assisted Living?
Medicaid covers mostly any type of costs related to your health care that you might incur, which might also include long-term costs associated with your care. Even though each state may differ slightly in terms of its requirements, Medicaid can cover a fraction of the costs associated with assisted living in most regions. Based on Medicaid, you may be eligible for the following coverages:
- Prolonged care that assisted living communities provide
- Prolonged care provided by residential care homes
- Prolonged care provided by nursing homes
- Hospice
- Prescription drugs
However, it’s best to go online to check about any sort of waivers that are available in your state. These Medicaid waivers allow the various states to exercise their own rights and the flexibility to decide upon certain objectives that they value more which might allow more individuals to be covered under Medicaid.
Why Choose Morada North Richland Hills?
After settling the financial aspect of moving into a retirement community, you may start wondering which retirement community is right for you. If spending time in a retirement community where you have access to amazing amenities and are given many opportunities to interact with other retirees sounds like fun to you, then we are the right place for you. At Morada North Richland Hills, you can be sure that each day will be fulfilling for you and that your golden years will be spent meaningfully.
To find out more about what we have to offer, contact us today.
