Seeing as Americans are living longer, it is important to plan for life after retirement. This includes medical coverage and Medicare or Medicaid. Medicaid planning is an important part of life for older individuals.
We all know that the cost of nursing facilities is extremely expensive in fact it is costing more each year. The expense could range between $3,000 to $10,000 each month! Recent reports have stated that people spend an average of 30 months in a nursing home. Many people purchase these nursing homes with their own money, often depleting their life savings. This is not always necessary. If you are planning properly, Medicaid will help cut these costs, enabling you to leave money in your heirs rather than spending all of it on an elderly care facility costs.
Medicare Part A describes hospital insurance which covers as much as 100 days in a skilled nursing facility. However, Medicare features a restrictive meaning of skilled nursing. Often times, elderly care facility care is definitely not covered under Part A. Medicaid is the only option that individuals need to help purchase the cost of a nursing home. Unlike Medicare, Medicaid is really a program that is dependant on financial needs. You may be required to pass an asset and income test to become qualified to receive the Medicaid benefits. On the other hand, Medicare can be obtained to anyone older than 65 and fails to consider income or assets within the required qualifications.
You have to pass a three part test to meet medical check eligibility. The exam is broken into sections including your medical necessities, your age and disabilities and your financial situation. You need to fulfill the requirement of all the three sections to become qualified for Medicaid.
The medical need portion is founded on any medical restrictions the person may have. These restrictions must limit your ability to do daily tasks. The requirements are that the individual must need daily care, skilled nursing, continuous observation, the need for a registered nurse and medical needs which are not typically provided by a hospital.
To be eligible, you have to be over 65 or use a disability. For example, should you be disabled and therefore are only 60 years old, you may be qualified to receive Medicaid.
Your revenue and assets are a significant part of eligibility. All individual assets and income will likely be considered when determining eligibility. The exact amounts can vary per state. Asset tests can vary depending on uahruh the individual is married or single. The quantity of assets allowed will likely be based on the marital status. The income cap each month also varies per state.
The income test often presents problems when you find yourself obtaining Medicaid. Should your monthly income level is finished the specified amount, you simply will not be considered. Many times, that set amount is significantly under the price of monthly elderly care facility care. This often leaves individuals in a situation where they earn excessive to get Medicaid, but not enough to pay for elderly care facility care. This situation is known as the Medicaid Gap.
Since there are numerous factors determining the eligibility for Medicaid, planning is very important. You need to consider all factors and then try to figure out what your medical needs will likely be later in life. This is very difficult. The financial aspect is also a difficult situation to handle. Often times, people are required to spend their life savings in order to become qualified to receive Medicaid programs to allow them to receive an elderly care facility care. Proper planning can alleviate many of these stresses.
You have one shot at submitting an application form to Medicaid. Do not submit it until this has been reviewed by an expert – it might cost thousands of dollars. Give us a call for the expert evaluation process.
States typically offer online forms that you could download and print, however no states permit you to currently apply for Medicaid on the web and submit the form online.