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Considerations for Caregivers
Family caregivers try to do everything they can to keep a
family member at home. Statistics show that the caregiver's health
deteriorates faster than the person they are caring for due to physical, mental
and emotional stress, especially when the duration of caregiving spans many
years as in the case of someone with Alzheimer's disease. At some point a
decision must be made by the caregiver and family to look for alternate care.
This can be through an Adult Day Care program, Assisted Living, or as a last
resort, a Nursing Home. With costs ranging from $60 to $100 a day for day
care to $7,000 a month for nursing home care, funds may eventually be
depleted, necessitating the need for Medicaid down the road.
Medicaid rules for eligibility are continually changing and
becoming more stringent. Things you do today as part of estate planning or
caregiving may come under scrutiny within the five year look back period that
allows Medicaid to ask for financial information and documentation. While
annuities and trusts have become a popular investment strategy of financial
planners for estate planning, Medicaid has very strict rules on the use of
these tools which may make an individual ineligible for Medicaid services if
they have been set up.
Medicaid Rules
For more information about Medicaid rules you can go to http://www.dora.state.co.us/insurance/senior/stern. This site is sponsored by the Senior
Health Insurance Assistance Program in Colorado through the Colorado Division
of Insurance. It offers information on all aspects of Medicare, with this on
Medicaid which goes into detail on the eligibility rules and the application
process, the documentation required, and where to file the application.
Medicaid Application
To download a copy of the Medicaid Applications click here. Click on Application for Assistance under Forms.
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