Covering the Cost of Healthcare, Part 2
The costs of long-term care can be staggering for the unprepared. In Missouri, the average cost of skilled nursing care is $311 per day. Assisted living rates average $181 per day. While home care is a preferred option for many, the availability and cost of home care are frequently a barrier. There may come a time when one needs the comfort and assurance that comes with licensed care.
In last month’s column, I shared that Medicare does not cover the cost of long-term care. These expenses must be covered by one’s assets or long-term care insurance (which is carried by less than 4% of seniors). So, what happens when one’s finances are exhausted? Medicaid may be an option.
Missouri residents may qualify for long-term care through Medicaid, but only after most personal funds are exhausted. To qualify, seniors must be 65 or older, be a resident of Missouri, and have assets under $5,909.25. All forms of income must be used toward long-term care, and there is a five-year lookback to ensure that assets have not been diverted. The good news is that Medicaid will cover the “remainder” of Medicaid-certified communities.
Baptist Homes accepts Medicaid at our Adrian, Arcadia Valley, and Vandalia campuses, as well as our Shelbina location, which is currently operated by a consulting agreement. Medicaid can help with assisted living at Arcadia Valley and Ozark, and with residential care at Vandalia.
Planning is important. Early planning gives you more say over where your resources will go as you age. Preparing for the unexpected will ensure your church, family, and charitable interests are maintained. For more information or to set up a consultation with one of our planning experts, contact Dr. Ron Mackey at rdmackey@bhhm.org.
Dr. Rodney Harrison, BHHM President
