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 integral part of life for older individuals.
Everyone knows that the price of nursing homes is very expensive and it is costing more each year. The expense could range from $3,000 to $10,000 monthly! Recent surveys have revealed that people spend typically 30 months in a nursing home. Many people buy these nursing homes using their own money, often depleting their life savings. This is not always necessary. If you plan properly, Medicaid can help cut these costs, allowing you to leave money to your heirs as opposed to spending everything on elderly care facility costs.
Medicare Part A refers to hospital insurance which covers up to 100 days in a skilled nursing facility. However, Medicare has a restrictive definition of skilled nursing. Often times, an elderly care facility care is definitely not covered under Part A. Medicaid is your best option that folks have to help buy the price of a nursing home. Unlike Medicare, Medicaid is a program that is based on financial needs. You will end up required to pass an asset and income test to become qualified to receive the Medicaid benefits. On the other hand, Medicare is accessible to anyone over the age of 65 and fails to consider income or assets within the required qualifications.
You need to pass a three part test to meet eligibility verification. The exam is broken into sections which include your medical necessities, how old you are and disabilities as well as your financial situation. You have to satisfy the requirement of three sections to become eligible for Medicaid.
The medical need portion is based on any medical restrictions the patient could have. These restrictions must limit your capability to do daily tasks. Certain requirements are the individual must need daily care, skilled nursing, continuous observation, the requirement for a registered nurse and medical needs that are not typically offered by a hospital.
To become eligible, you have to be older than 65 or possess a disability. For example, in case you are disabled and therefore are only 60 years of age, you will end up qualified for Medicaid.
Your income and assets are a significant part of eligibility. All individual assets and income will be considered when determining eligibility. The actual amounts will be different per state. Asset tests will be different depending on uahruh the individual is married or single. The amount of assets allowed will be based on the marital status. The income cap each month also varies per state.
The income test often presents problems when you are obtaining Medicaid. Should your monthly income level has ended the specified amount, you will not be regarded as. Often, that set amount is far lower than the cost of monthly elderly care facility care. This often leaves individuals in a situation where they earn too much to have Medicaid, although not enough to cover nursing home care. This case is referred to as the Medicaid Gap.
Since there are numerous factors determining the eligibility for Medicaid, planning is essential. You have to consider all factors and then try to determine what your medical needs is going to be down the road. This can be very difficult. The financial aspect is another difficult situation to handle. Quite often, people are required to spend their life savings in order to become qualified for Medicaid programs to enable them to receive an elderly care facility care. Proper planning can alleviate many of these stresses.
You may have one shot at submitting an application form to Medicaid. Tend not to submit it until it has been reviewed by a specialist – it could cost you tens of 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 make an application for Medicaid on the web and submit the shape online.