Seeing as Americans are living longer, it is important to arrange for life after retirement. This can include medical coverage and Medicare or Medicaid. Medicaid planning is an essential part of life for older individuals.
Everybody knows that the cost of nursing homes is extremely expensive in fact it is costing more annually. The costs could range anywhere from $3,000 to $ten thousand monthly! Recent studies have said that people spend around 30 months in a elderly care facility. Many individuals purchase these nursing facilities with their own money, often depleting their life savings. This is simply not always necessary. If you are planning properly, Medicaid will help cut these costs, letting you leave money in your heirs as opposed to spending all of it on elderly care facility costs.
Medicare Part A identifies hospital insurance which covers up to 100 days in a skilled nursing facility. However, Medicare has a restrictive concept of skilled nursing. Many times, elderly care facility care will not be covered under Part A. Medicaid is the only option that people have to help pay for the price of a nursing home. Unlike Medicare, Medicaid is a program that is based on financial needs. You will end up needed to pass an asset and income test to get eligible for the Medicaid benefits. On the other hand, Medicare is available to anyone over 65 and will not consider income or assets included in the required qualifications.
You must pass a 3 part test to satisfy medical eligibility verification. The test is broken into sections which include your medical necessities, your age and disabilities along with your finances. You need to fulfill the requirement of all the three sections to get qualified 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 perform daily tasks. The requirements are that the individual must need daily care, skilled nursing, continuous observation, the necessity for a registered nurse and medical needs which are not typically available from a hospital.
To be eligible, you have to be over the age of 65 or have a disability. For instance, should you be disabled and therefore are only 60 years of age, you may be eligible for Medicaid.
Your earnings and assets are an essential 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 depending on uahruh the person is married or single. The amount of assets allowed will likely be determined by the marital status. The income cap per month also varies per state.
The income test often presents problems if you are applying for Medicaid. In case your monthly income level is finished the specified amount, you will not be looked at. Many times, that set amount is far lower than the price of monthly elderly care facility care. This often leaves individuals in a situation where they earn too much to obtain Medicaid, however, not enough to pay for nursing home care. This example is known as the Medicaid Gap.
Since there are so many factors determining the eligibility for Medicaid, planning is essential. You have 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 yet another difficult situation to cope with. In many cases, people are required to spend their life savings in order to become eligible for Medicaid programs so they can receive nursing home care. Proper planning can alleviate some of these stresses.
You may have one shot at submitting an application form to Medicaid. Do not submit it until this has been reviewed by a specialist – it may cost 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 enable you to currently apply for Medicaid online and submit the shape online.