As we all age, we begin to need additional assistance with day to day activities. At some time another in the aging cycle, we may all find ourselves in a skilled nursing facility, often referred to as nursing homes, for care. For many, it is important to assess their financial options for assistance in paying for healthcare needs. Financial planning for healthcare may come through long term care insurance, Medicaid, Medicare or Veteran’s Benefits.
Medicaid has specific programs to help individuals depending on their health and financial situations. These include Medicaid Waiver Programs, Irrevocable Medicaid Income Only Trusts, and Nursing Home Medicaid.
In Florida, Medicaid’s Institutionalized Care Program (ICP) can help eligible individuals pay for the expenses associated with living in a skilled nursing facility, or nursing home. To qualify, the applicant must demonstrate that they meet certain criteria, including medical needs and asset and income thresholds, and these requirements change depending on if the applicant is single or married.
Important factors to consider when looking into Nursing Home Medicaid are Qualified Income Trusts, Homestead Protection, and Spousal protection, as well as the Medicaid plans and Applications themselves.
The Department of Veterans Affairs has benefit programs for veterans progressing into long term care. The Department of Veteran’s Affairs can provide compensation to veterans in the form of financial assistance to a veteran with a service-related disability. Additionally, the pension program can provide assistance to veterans or veteran dependents based on need.
The VA has an additional Aid and Attendance benefit for veterans, or veteran dependents, who are disabled and require assistance from another to successfully navigate day to day life. You or a loved one may be eligible for this benefit with or without receiving an injury during military service.
With so many benefit plans available, many planners can easily overlook some options. A misunderstanding of VA benefits can result in your inability to attain benefits from other resources. While VA Benefit Advisors can have a great understanding of VA options, they can also forget to consider how benefits from the VA impact Medicaid options.