Seeing as Americans are living longer, it is very important prepare for life after retirement. This consists of medical coverage and Medicare or Medicaid. Medicaid planning is an integral part of life for older individuals.
Everyone knows that the price of nursing facilities is very expensive and it is costing more every year. The costs could range from $3,000 to $10,000 each month! Recent surveys have stated that people spend typically 30 months in a an elderly care facility. Many people purchase these nursing homes using their own money, often depleting their life savings. This is not always necessary. If you are planning properly, Medicaid can help cut these costs, letting you leave money to your heirs instead of spending it all on an elderly care facility costs.
Medicare Part A describes hospital insurance which covers approximately 100 days in a skilled nursing facility. However, Medicare has a restrictive concept of skilled nursing. Often times, an elderly care facility care will not be covered under Part A. Medicaid is the only option that folks have to help buy the expense of a nursing home. Unlike Medicare, Medicaid is actually a program that is dependant on financial needs. You will end up necessary to pass an asset and income test to get eligible for the Medicaid benefits. On the other hand, Medicare is available to anyone older than 65 and fails to consider income or assets included in the required qualifications.
You must pass a 3 part test to meet check medical eligibility. The test is broken into sections which include your medical necessities, your age and disabilities along with your financial situation. You must meet the requirement of all three sections to get qualified to receive Medicaid.
The medical need portion is based on any medical restrictions the patient might have. These restrictions must limit your capability to execute daily tasks. Certain requirements are the individual must need daily care, skilled nursing, continuous observation, the necessity for an authorized nurse and medical needs that are not typically provided by a hospital.
To be eligible, you need to be older than 65 or possess a disability. For example, if you are disabled and they are only 60 years old, you will be qualified to receive Medicaid.
Your earnings and assets are an important part of eligibility. All individual assets and income will be considered when determining eligibility. The actual amounts can vary per state. Asset tests can vary based on uahruh the person is married or single. The amount of assets allowed will be based on the marital status. The income cap per month also varies per state.
The income test often presents problems when you find yourself applying for Medicaid. Should your monthly income level is over the specified amount, you simply will not be considered. Often, that set amount is significantly lower than the cost of monthly an elderly care facility care. This often leaves individuals in a situation where they earn too much to obtain Medicaid, however, not enough to cover nursing home care. This case is called the Medicaid Gap.
Since there are so many factors determining the eligibility for Medicaid, planning is very important. You have to consider all factors and attempt to figure out what your medical needs will be down the road. This is very difficult. The financial aspect is another difficult situation to deal with. Often times, people are forced to spend their life savings just to become qualified to receive Medicaid programs to allow them to receive elderly care facility care. Proper planning can alleviate some of these stresses.
You have one shot at submitting a software form to Medicaid. Tend not to submit it until this has been reviewed by a specialist – it could set you back hundreds and hundreds of dollars. Call us for the expert evaluation process.
States typically offer online forms that you might download and print, however no states permit you to currently apply for Medicaid online and submit the shape online.