Many people who consult an Elder Law attorney are concerned about the cost of paying for long-term care for themselves or for a close relative. Health insurance and MediGap insurance do not cover the costs of long-term care, although Medicare does provide limited coverage under some circumstances. However, insurance companies sell long-term care insurance (“LTCI”) that is designed to cover those costs. Additionally, for those who require the level of care needed in a nursing home, it may be necessary to investigate possible eligibility for Nursing Home Medicaid, a program which can assist in covering the difference between the income of eligible persons and the cost of the facility at which they reside.
The rules governing Medicaid eligibility are complex, and it is important to thoroughly understand these rules prior to making any major changes in your estate in an effort to qualify for Medicaid.