It’s no secret that growing older is getting more and more expensive, and a leading concern of seniors and their loved ones is how to pay for assisted living. Here are some insights from the team at our assisted living community in Sussex County, New Jersey, into whether or not Medicare or Medicaid can help make quality senior care more affordable.
Medicare – The Short-Term Care Support Option
Medicare is national, government-funded health insurance plan that all Americans can utilize after their 65th birthday. It is available in several plans including Part A, Part B and Advantage, all offering different levels of coverage. However, it is designed to provide short-term support to seniors, such as a limited time stay in rehab after hospitalization or to cover tests, x-rays or medication prescribed by medical practitioners. As a result, it is not usually possible to use Medicare to cover assisted living, long-term nursing care, residential long-term care or hospice care.
Medicaid – Financial Support for Long-Term Care and Assisted Living
Medicaid is funded in part by the federal government and in part by the state, so coverage is different from one state to another. It is an insurance program focused on providing financial coverage for long-term care and designed for low income families, but with New Jersey ranking as one of the most expensive states in the USA for assisted living, many families rely on Medicaid for essential financial support.
The program has expanded to try accommodating senior needs more effectively, and offers several options for seniors who meet the eligibility criteria.
These criteria includes the following:
- You must be a USA citizen and resident of New Jersey.
- You must be 65-years or older and must meet medical requirements for the level of care you are requesting.
- As an income cap state, your income must be $2,250 or lower per month.
Regarding income caps, it’s advisable that you speak to a qualified elder law attorney as soon as possible to develop a strategy for your assets and income. Often, a “spend-down” strategy can be put in place to ensure that care is paid for through your current assets until eligibility criteria are met. There are also strategies that can help when a spouse needs assisted living, but their partner is still independent.
Speak to the Team at Our CCRC in Sussex County, New Jersey
Bristol Glen is a CCRC and assisted living community based in Sussex County that aims to provide seniors with comfortable, serviced living arrangements that free up your time to enjoy life. Founded on a philosophy of aging in place, our continuing care retirement community residents enjoy a less restrictive care model in which they do not have to move from their residential apartment to access additional services as their needs change.
Contact us to find out more about our CCRC and our assisted living in Sussex County, New Jersey, please visit our website at https://bristolglen.umcommunities.org/ and book your visit today.