Seeing as Americans are living longer, it is essential to arrange for life after retirement. This includes medical coverage and Medicare or Medicaid. Medicaid planning is an essential part of life for older individuals.
Everyone knows that the expense of nursing facilities is extremely expensive which is costing more each year. The expenses could range between $3,000 to $10,000 monthly! Recent reports have revealed that people spend an average of 30 months in a an elderly care facility. Lots of people purchase these nursing homes with their own money, often depleting their life savings. This is simply not always necessary. If you intend properly, Medicaid will help cut these costs, enabling you to leave money for your heirs instead of spending it all on elderly care facility costs.
Medicare Part A describes hospital insurance which covers up to 100 days in a skilled nursing facility. However, Medicare features a restrictive concept of skilled nursing. Many times, nursing home care is definitely not covered under Part A. Medicaid is the only option that individuals have to help purchase the expense of an elderly care facility. Unlike Medicare, Medicaid is actually a program that is based on financial needs. You will end up necessary to pass an asset and income test to be qualified to receive the Medicaid benefits. On the other hand, Medicare is accessible to anyone older than 65 and fails to consider income or assets included in the required qualifications.
You must pass a three part test to meet medical insurance eligibility. The exam is broken into sections including your medical necessities, your age and disabilities along with your financial situation. You need to meet the requirement of all the three sections to get eligible for Medicaid.
The medical need portion is dependant on any medical restrictions the individual could have. These restrictions must limit what you can do to execute daily tasks. Certain requirements are the individual must need daily care, skilled nursing, continuous observation, the need for an authorized nurse and medical needs which are not typically offered by a hospital.
To become eligible, you have to be older than 65 or possess a disability. For example, if you are disabled and they are only 60 years of age, you will end up eligible for Medicaid.
Your income and assets are an essential part of eligibility. All individual assets and income will be considered when determining eligibility. The precise amounts will be different per state. Asset tests will be different depending on uahruh the patient is married or single. The quantity of assets allowed is going to be based on the marital status. The income cap monthly also varies per state.
The income test often presents problems when you are applying for Medicaid. If your monthly income level is finished the specified amount, you simply will not be considered. Often times, that set amount is way under the expense of monthly an elderly care facility care. This often leaves individuals in a situation where they earn a lot of to get Medicaid, however, not enough to pay for nursing home care. This example is called the Medicaid Gap.
Since there are so many factors determining the eligibility for Medicaid, planning is vital. You need to consider all factors and attempt to know what your medical needs is going to be later in life. This can be very difficult. The financial aspect is also a difficult situation to handle. Quite often, people have to spend their life savings simply to become qualified to receive Medicaid programs to enable them to receive an elderly care facility care. Proper planning can alleviate a few of these stresses.
You might have one shot at submitting a software form to Medicaid. Do not submit it until it has been reviewed by an expert – it may set you back tens of thousands of dollars. Contact us for an expert evaluation process.
States typically offer online forms that you may download and print, however no states allow you to currently submit an application for Medicaid on the web and submit the form online.