The House GOP’s Vote Would Slash Medicaid — Which Pays for 60 Percent of People in Nursing Homes
May 10, 2017
The American Health Care Act, is terrible for many Americans in nursing homes. Medicaid-funded nursing home beds — which in some areas can run over $100,000 a year — is not covered by Medicare. Those who need it and cannot pay for it themselves can generally receive coverage from Medicaid, though they usually must spend down all their savings first.
Medicaid pays the bills for over 60 percent of nursing home residents — people who cannot care for themselves and without Medicaid would have literally nowhere to go.
Nursing care is one big reason Medicaid recipients over 85 cost the program 2.5 times more than those who are between the ages of 65 and 74. If Medicaid were to remain an entitlement, states would automatically receive increased federal funds to cover these greater costs as baby boomers age. Under the AHCA, the per-capita payments to states will increase far too slowly to cover them.
Are you willing to let the government decide if you can stay in a nursing home covered by Medicaid? If you are like many American families today, you will be faced with decisions like this in the future.
There is a solution. A Universal Life insurance policy with long term care rider will stop you from worrying what changes the government makes to Medicaid. Don't put the burden of your nursing home needs on your family and loved ones. Be prepared.....and have peace of mind.