Photo taken by Ryan Duey
Luke Byers with the K-State River Valley Extension District presented to Clay Center Lions Club members during their weekly meeting on May 13th. Byers presented on Medicaid options when it comes to Long-Term Care.
Byers said Monica Thayer, Family Resource Management Agent, and Jordan Schuette, Adult Development & Aging Agent, are the lead agents in the Medicare and Medicaid programming.
Byers started the presentation by speaking on the yearly average cost of Long-Term Care options in the United States and Kansas.
“In Kansas, we’re looking at over $100,000 a year on average for long-term care.”
“So, the question really comes down to whether you were making plans in terms of developing a retirement fund, living on Social Security, using Medicare payments to pay for your bills.”
“There are a lot of other things that go into retirement planning that you have to think about. Especially, if you or someone that you care for has to end up going into some sort of long-term care status.”
Statistics and data show that nearly 70 percent of people aged 65 and over will need Long-Term Care services during their remaining years. At an average of $100,000 per year, it is important to have a plan on ways to pay these expenses.
Byers continued by speaking about Medicaid eligibility and income exemptions. A single applicant needs to make around $38,500 a year or less to be eligible.
“How much can I earn in a year and still be eligible?”
“The threshold is 244% of the federal poverty level. This would be if you’re single, married, or married with one applicant.”
“This would be based on your income per year. So, as a result of Social Security, Pension, IRA, 401K, things like that.”
For more information on Medicaid and Long-Term Care, contact Monica Thayer at the Belleville Extension office or Jordan Schuette at the Washington Extension office.
