PACE stands for the Program of All Inclusive Care for the Elderly. And this movement has gained a lot of momentum in recent months, particularly as it relates to concerns about care for the elderly and protecting them well into their later years in life. At its simplest definition, PACE is an alternative to nursing homes.
This is a Medicaid and Medicare program that helps to keep people in their own communities. In many cases, the programs are run with the support of in-home care providers at a nexus of community-based centers. This helps to complete an interdisciplinary care team for total comprehensive wellness. According to the national PACE Association, approximately 95% of people enrolled in the program live in the community and only 5% live in nursing homes.
Given that it is required to be eligible for nursing home care before enrolling in PACE, this is a substantial thing to take note of if you have a loved one who is in the process of figuring out the best care solution for them.
Most PACE participants are eligible for Medicaid and Medicare. The operators of these programs will receive specific monthly payments for each participant, meaning that some of it is paid by the payer and some is paid by the provider. COVID-19 played a significant role in increasing attention towards the PACE program. The general death rate in nursing homes across most of the pandemic was 11.8%, where it was only 3.8% in PACE locations.
If you have questions about qualifying for PACE in Virginia or discussing alternative care arrangements, schedule a consultation with an estate planning lawyer in your area to learn more.