I am very confused about what I read here in regards to paying for Memory Care vs nursing home vs assisted living or home care.
We have not yet reached the stage where we need help, however that time will come. I always thought that Medicare would cover some cost of home care. Then if the person needs more than part time help, a Memory Care facility would accept their Social Security check monthly as their payment.
My spouse has some money in an IRA, however that is what we are currently living on (along w/only one SS check because I’m not 62 yet). Will care facilities take all of our IRA money? I’m very confused and worried I will not have enough income to live. I never went to college, so I do not have a decent paying skill. Am I doomed to working at a very low paying job and living out of my car in the future? I know people have to sacrifice…I just want my spouse to have the care needed and to know what to realistically expect for myself.
MedicAID is a state-run program that provides financial assistance for low-income individuals who medically qualify. The rules can vary by state, so that's why you need to consult with a local organization or professional for accurate advice. On the application, there is a financial "look back" period and this can vary by state, from 2.5 to 5 years. In some states Medicaid will cover some or all of Assisted Living, and some states don't cover any of it. Mostly it will cover "medically necessary" long term care in a skilled nursing facility (nursing home), which is different than Memory Care. Some states have an Elder Waiver program to help pay for care. You can search online at your county's Dept of Health and Human Services under Elder Care and probably find the information you are looking for. When you are married there are provisions so that the remaining spouse is not left impoverished, but start researching it now.