Looking at care options for your parents is rarely an easy task, but affording what they need can be even harder. Medicaid could offer help, but will they have to sacrifice everything to meet asset limits?
A private room at a care facility in Gainesville can cost over $80,000 every year. That’s around $220 every single day to get your loved one the assistance they need. Medicaid could help reduce that cost by about 70%, but only for those that meet the financial requirements.
Georgia residents must meet standards based on federal poverty limits, though there are plenty of rules and regulations for those trying to get there. Households can have trouble getting under the limits set when fair market value and look-back periods come into play. Married couples, however, may have more leeway to work with if only one spouse has to qualify for care.
Caring for couples
Your parents could get a reprieve from household limits, and they may not have to sacrifice everything so one of them can get assistance. The parent applying for Medicaid can only have an income of $2,349 each month, and assets totaling $2,000. Fortunately, the limits for their spouse are much different.
The partner remaining at home has a higher bar for assets so they can still meet their monthly needs. The amount can be as high as $3,216 per month in income, and $128,640 in overall assets. This will likely change if the non-applicant ever needs the help of a nursing home, but until then, income like pensions, Social Security and investment dividends won’t put them over the top as easily.
Finding a plan that is compliant with the requirements set forth by Medicaid can be a confusing process. Knowing what the program allows could be essential for your family to get the care they need when the time comes.