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Many Americans mistakenly believe that they or their parents would have to have nothing in order to be eligible for Medicaid. This is a costly myth because families who assume their parents won’t qualify can end up spending lots of out-of-pocket money for services that Medicaid would cover

The basic difference between the programs, as described by the U. S. Department of Health and Human Services, is that Medicare is a health insurance program and Medicaid is a health assistance program. Medicare is the same everywhere in the U. S. For people who can’t afford to pay Medicare premiums and copays out of pocket — and for people who aren’t eligible for Medicare but who can’t afford private insurance — Medicaid can help cover costs. Being homebound and unable to leave your house most of the time * Being under a doctor’s care and following his or her care plan You also must also meet with your doctor in person and get your home health care from a Medicare-approved provider. Although there are federal guidelines and standards for all Medicaid services, each state has the ability to tailor Medicaid services to meet its residents’ needs and the state’s budget.

There are usually two types of entrance fees: A non-repayable (or fully amortized) entrance fee tends to cost less, but generally, there is no refund given after five years in the event of a resident moving out or passing away A repayable entrance fee typically carries a larger price tag than its counterpart — but offers a 75% repayment That means that if a senior moves out or passes away at any time, his or her estate will get back three-quarters of the entrance fee. * A repayable entrance fee typically carries a larger price tag than its counterpart — but offers a 75% repayment That means that if a senior moves out or passes away at any time, his or her estate will get back three-quarters of the entrance fee. Continuing care retirement communities (CCRCs), are a type of senior living community that allows residents to stay in one community, even as health care needs change or increase. If a resident experiences an injury and needs help for a short period of time (perhaps getting out of bed or showering), communities may offer temporary care options that residents can receive in their own residences for a smaller fee than what would be assessed at a different community or in a higher level of care.

4 Steps to Take to Perform a Cost-Benefit Analysis for Senior Care Here are four steps that you can take to make the decision a bit more manageable: Step 1: Consider the costs of local senior care options. You can use Senior Advisor to search nearby assisted living communities, memory care options, in-home care companies, independent living communities and nursing homes. It can be helpful to think in terms of ADLs; go through the list and figure out which particular ADLs your loved one needs help with now and which ones there’s a decent chance they’ll need help with down the line. You can use your rankings to help you figure out which of your local options is the best value for the cost based on your particular needs and preferences.