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My family member is currently under LTC with AR Medicaid. He has progressed in many areas. However, is not able to go home without some assistance. What is the process of moving benefits to AR Choices? Also, if this does not work, moving back to LTC?

Going home without 24/7 care is not really an option here, is it?
If you are thinking that there is a chance to leave LTC for home I would make very certain about this being sustainable, because it is always a MESS to work with changing these things around.

As to what can change and how to do it, each state has it's own rules. You will have to explore the rules for your own state by calling their contact numbers and speaking directly with them about what can and can't be done.
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