Jerry Taylor explains what happens when an elderly person needs nursing-home care but has too many assets to qualify for Medicaid. Medicare covers rehab after a hospital stay, but not ongoing care, which costs $8,000 to $10,000 a month out of pocket unless you have long-term care insurance or Medicaid eligibility.
What is crisis planning? In my world, crisis planning is a situation where someone is about to go into a nursing home or they're in a nursing home and they cannot qualify for Medicaid benefits because they have too many assets and too many resources. In other words, they have too much money to get government benefits. A very typical scenario would be something like this. You've got a person in their 70s, maybe early 80s. They fall and broken a hip, gone to the hospital for surgery. And then they're told upon discharge that they need to find a nursing home because they're going to need 24-hour care after they go through some rehab. So they go to maybe 30 days of rehab, and then they've got to, you know, they need a nursing home to be admitted to. And it's about this time that the family figures out that Medicare is going to pay for that rehab stay, but Medicare does not pay for nursing home care. There's 3 ways to pay for nursing home care. One is out of your pocket, $8,000 to $10,000 a month on average. Two is long-term care insurance. There's a very small percentage of the population
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