{"id":1118958,"date":"2019-06-01T13:00:46","date_gmt":"2019-06-01T13:00:46","guid":{"rendered":"https:\/\/dailyreckoning.com\/?p=107463"},"modified":"2019-06-01T13:00:46","modified_gmt":"2019-06-01T13:00:46","slug":"the-last-resort-for-healthcare-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1118958","title":{"rendered":"The Last Resort for Healthcare: What You Need to Know"},"content":{"rendered":"

This post The Last Resort for Healthcare: What You Need to Know<\/a> appeared first on Daily Reckoning<\/a>.<\/p>\n

Long-term care for a semi-price room in a nursing home averages $6,844 per month according to the U.S. Department of Health and Human Services.<\/span><\/p>\n

Many Americans can\u2019t afford such costs, so they often look to the option of last resort: Medicaid.\u00a0<\/span><\/p>\n

Medicaid is a program that provides health care to some middle-income families, even though it\u2019s frequently thought to only be for the poor. Coverage includes custodial nursing home care in all states and home care services in a few. <\/span><\/p>\n

It\u2019s meant to pay for specific expenses after a patient\u2019s resources are gone. The federal government pays a portion of the tab, while states operate and fund the balance. <\/span><\/p>\n

Qualifying for it isn\u2019t always easy, especially for elderly folks with a moderate income and who have accumulated a modest net worth over their working lifetimes. <\/span><\/p>\n

Programs and qualifications among states can vary slightly depending on the needs and goals of that state. <\/span><\/p>\n

That aside, there are basically two financial criteria that must be met.\u00a0<\/span><\/p>\n

First, Is the Income Eligibility Criteria\u2026<\/b><\/span><\/h2>\n

The Federal guideline for 2019 is that an individual, age 65 or older, cannot have a monthly income greater than $2,313. If married and both spouses are applying for Medicaid, each can have a $2,313 income for a combined $4,626. <\/span><\/p>\n

When only one spouse is applying, the non-applicant is allowed some of the applicant\u2019s income to help cover the living-at-home expenses while their spouse is receiving care. In most states, that maximum is $3,160.50 per month.<\/span><\/p>\n

If your elderly loved one\u2019s income exceeds the threshold, she could spend some of her income on health care and medical-related costs to get her income below that threshold. <\/span><\/p>\n

Examples of Medicaid income spend down include:<\/span><\/p>\n