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Financial responsibilities can be confusing and complex when selecting the right long-term healthcare option for you, or your family member.
When it comes to long-term healthcare, it’s easy to assume that Medicare, supplemental policies or standard health policies will cover the expenses. Unfortunately, in most cases, many people do not plan ahead financially to provide for their long-term care.
Today, the average cost for an individual needing assistance with Alzheimer’s care can exceed $80,000 annually.
This section will try to answer questions that you may have about payment options.
Long Term Care Insurance
Long-term care insurance can protect personal assets and inheritance for the family, provide greater choice in the selection of long-term care settings (nursing and assisted living facilities), and generally provide for financial security.
Long-term care insurance policy premiums are set based on several factors: age, health, length of deductible period, amount paid, and duration of benefits. Higher daily benefits and optional features, such as inflation protection and non-forfeiture benefits, increase the premium.
Medicare is a federal health insurance program for people 65 and over and certain disabled people under 65. It does not provide a comprehensive long-term care component and generally does not cover assisted living costs, but it may pay for short-term services (e.g. physical and other therapies) contracted through a home health care agency and provided to the resident at the assisted living facility.
Medicare covers only those skilled nursing facility services rendered to help a beneficiary recover from an acute illness or injury. Medicare is administered by the federal government's Centers for Medicare and Medicaid Services (CMS) and is divided into two parts: Hospital Insurance (Part A); and Medical Insurance (Part B).
Medicaid is a joint federal-state government program designed to provide health care assistance to low-income people, and it has become the major payer of services for care in a nursing facility. In many states, Medicaid will pay for assisted living services, although in most cases such coverage is limited.
Risk of Impoverishment
Spouses of nursing facility residents are protected from what is termed "spousal impoverishment." This refers to the required depletion of an "at home" spouse's financial resources so that the spouse in a nursing facility can qualify
States are required to permit the at-home spouse to retain a "maintenance needs allowance" from the other spouse's income that is sufficient to bring the at-home spouse's income to 150 percent of the federal poverty level for a
The Department of Veteran's Affairs (VA) provides care in its own facilities to veterans in need of skilled or intermediate nursing care. The VA also provides both skilled and intermediate care to veterans through contracts with community nursing homes.
Costs at Neuvant House
Neuvant House of Lawrence charges are based on a flat rate per month fee, which includes residential costs (housing, food, nursing care, activities and maintenance). Skilled nursing costs and resident appointments outside the facility, as well as personal items such as toiletries, medication, furnishings, guest meals and telephone service are the responsibility of the resident, or family.
Long-term care insurance may be applied to the costs at Neuvant House. Medicare and Medicaid cannot be applied
Our staff is available to answer any questions you have regarding costs at Neuvant House.