The transition to a nursing home can be difficult for both you and your elderly loved one. However, to protect their finances in their final years and pay for expenses, such as funeral planning, it’s important to understand the expenses and financial benefits associated with this level. Below is a comprehensive overview of everything you need to know about Medicaid requirements.

What Nursing Home Costs Are Covered Under Medicaid?

Medicaid is a federal and state program that helps to fund medical costs for senior citizens. While doctor appointments and medications are included in the standard Medicaid coverage, it’s crucial to know the guidelines for long-term care.

The state will first assess the level of care that your senior requires. For instance, if they have a terminal illness or disability, the coverage will increase. However, they will also consider the assets that your loved one has. 

What Are the Benefits of Using a Trust?

If your loved one owns their home or has extensive financial assets, it’s beneficial to plan ahead by setting up a trust five years in advance of when they might be transitioning to a nursing home. This allows them to transfer their finances, so they remain within the qualification threshold for Medicaid. The money placed in the trust will not be included as assets in their Medicaid application. Trust funds can also be used to assist with other future expenses, such as funeral planning costs. 

Contemplating the loss of a loved one can be hard, but making funeral arrangements ahead of time will help to protect their finances and ensure their final wishes are carried out. When you’re ready to schedule a consultation with a funeral home, turn to the caring staff at Dennis George Funeral Home in Cleves, OH. They will assist with every aspect of funeral planning, from choosing a casket to arranging memorial services. Give them a call at (513) 941-6700 to schedule a consultation. You can also visit their website for more information on their funeral planning services.