The average cost of a semi-private nursing home room in Missouri is about $58,000 a year. Home health care and private rooms in nursing homes are usually even more expensive. The prices are expected to increase each year and may require families to lose their entire savings to pay for the care.
Many people believe that Medicare is a good alternative to Medicaid, but Medicare will only fully cover a skilled nursing facility stay for up to 20 days. After 20 days, a $152 co-payment is required. After 100 days, Medicare will no longer cover any of the bills and the patient is required to pay all of the expenses. However, Medicare will only pay for the first 100 days if the patient stayed in a hospital for 3 days prior to admittance. As you can see, Medicare coverage for nursing homes is not expansive, so it is preferable for you to have Medicaid.
It is of upmost importance that you understand the process of applying for Medicaid. The process is complicated, with many rules that vary in each state- and sometimes even in each county. In Missouri, for example, you will be required by Medicaid to pay for your own healthcare until all of your assets are liquidated if you do not have legal documents prepared specifically for your situation.
Having a skilled attorney with a background in Medicaid planning can prevent you from losing money. In addition, an experienced attorney can help you gift your assets without creating penalties and without disqualifying you from Medicaid. You will have a better understanding of the process and insight on the best options for you. It is important to work with someone that understands the rules and regulations surrounding Medicaid so that you can legally complete the process.
If you have questions about applying for Medicaid, please do not hesitate to contact Fortman Law! We are conveniently located in Florissant, Missouri, but practice throughout the state of Missouri- including St. Louis County, St. Charles County, St. Genevieve County, Franklin County, Jefferson County, and more. You are welcome to call or stop by our office for a free initial consultation. It is in your best interest to work with a team of legal experts while navigating the complex Medicaid process, so please feel free to reach out to us for help!