✉news BusinessPersonal Finance first seen 16 h ago, last 13 h ago, peak #7
Nursing Home Residents May Keep Only $50 of Social Security Raise
Original: She’ll Get Another Social Security Raise in January. Medicaid Could Send Most of It to Her Nursing Home and Leave Her Just $50 a Month
Nursing home residents on Medicaid are expected to receive another Social Security cost-of-living increase in January, but most of it may never reach them. Under Medicaid rules, nearly all of a resident's income, including Social Security benefits, goes toward the cost of care, leaving a small personal needs allowance — often around $50 a month. The situation highlights how benefit increases for long-term care recipients are largely absorbed by nursing homes rather than improving residents' spending money.
Why now: The annual Social Security cost-of-living adjustment announcement draws attention to how little of it nursing home residents on Medicaid actually keep.
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- She’ll Get Another Social Security Raise in January. Medicaid Could Send Most of It to Her Nursing Home and Leave Her Just $50 a Month · 24/7 Wall St.
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