Medicaid is a federally funded program that provides healthcare to millions of Americans. The states administer it according to federal requirements. But it doesn’t cover everything, and you have to qualify for certain things. You must meet certain income requirements to be eligible for Medicaid. This can include income from a job or payments from Social Security. It also factors in any assets a person might have.
If you or a loved one are counting on Medicaid to help pay for long-term care, you might want to consider investing in Medicaid Planning services.
Why Do I Need Medicaid Planning Services?
Medicaid has strict income requirements. They will take a look at any income you receive, savings and investment plans, and other financial assets. Because of this, many people try to spend these assets before applying for Medicaid. Unfortunately, Medicaid looks back five years. If you have hidden money or given it away during that time, you won’t be able to receive benefits for a set period.
However, if you plan earlier and begin moving assets before those five years, you can still qualify for Medicaid and make sure that you have your assets intact.
Does Medicaid Provide for Home Care?
Yes! Although the benefits can vary from state to state, most states offer a variety of services as a part of their home and community-based programs. These services can include such things as transportation, respite care, daycare for adults, help with personal care at home for basic needs. Some states will also cover a portion of assisted living.
Who Qualifies for Long-Term Care Under Medicaid?
Medicaid services that cover long-term care are available to persons 65 years of age and older. They may also be available to those who are younger if they are disabled. Marital status does not affect the eligibility, but it will affect the income range that determines eligibility. Veteran status also does not affect eligibility but note that some veterans will qualify for assistance through the Veteran’s Administration.
Can I Receive Both Medicare and Medicaid Benefits?
Yes! Approximately 11 million Americans over the age of 65 are what is called “dual eligible.” Currently, twelve states have programs that integrate benefits for long-term care and acute services.
Besides Healthcare, Does Medicaid Provide Other Benefits?
Absolutely. For seniors, Medicaid can provide payment for Medicare premiums, copays, and drug costs. For qualified seniors on Medicare Part B, Medicaid subsidizes coinsurance costs, out-of-pocket drug costs, and Medicaid premiums. For seniors with slightly higher incomes, Medicaid will cover Medicare Part B premiums only.
Navigating the complicated Medicaid and Medicare systems can be difficult, especially when already dealing with the complications of long-term care for your elder loved one. To get information about your state’s services, you may want to Google the term “aging and disability resource center” followed by your state. The ADRC provides information for individuals and families looking for Medicaid-covered support.