Seeing as Americans are living longer, it is very important plan for life after retirement. This consists of medical coverage and Medicare or Medicaid. Medicaid planning is an important part of life for older individuals.
Everybody knows that the expense of nursing facilities is quite expensive and it is costing more every year. The costs could range from $3,000 to $10,000 each month! Recent studies have revealed that people spend around 30 months in a an elderly care facility. Many individuals buy these nursing facilities making use of their own money, often depleting their life savings. This is simply not always necessary. If you intend properly, Medicaid can help cut these costs, letting you leave money for your heirs instead of spending it all on nursing home costs.
Medicare Part A identifies hospital insurance which covers approximately 100 days in a skilled nursing facility. However, Medicare features a restrictive meaning of skilled nursing. Often, nursing home care will not be covered under Part A. Medicaid is your best option that folks need to help purchase the cost of a nursing home. Unlike Medicare, Medicaid is a program that is based on financial needs. You will be required to pass an asset and income test to be qualified to receive the Medicaid benefits. On the contrary, Medicare is available to anyone older than 65 and fails to consider income or assets within the required qualifications.
You must pass a three part test to fulfill eligibility verification. The exam is broken into sections which includes your medical necessities, your actual age and disabilities along with your financial situation. You need to meet the requirement of three sections to be eligible for Medicaid.
The medical need portion is dependant on any medical restrictions the person may have. These restrictions must limit your ability to do daily tasks. The requirements are the individual must need daily care, skilled nursing, continuous observation, the requirement for a registered nurse and medical needs which are not typically offered by a hospital.
To be eligible, you need to be over the age of 65 or have a disability. As an example, should you be disabled and are only 60 years old, you may be qualified to receive Medicaid.
Your earnings and assets are an important part of eligibility. All individual assets and income is going to be considered when determining eligibility. The actual amounts can vary per state. Asset tests will vary according to uahruh the individual is married or single. The quantity of assets allowed will be determined by the marital status. The income cap each month also varies per state.
The income test often presents problems when you are applying for Medicaid. Should your monthly income level has ended the specified amount, you simply will not be looked at. Often, that set amount is significantly less than the expense of monthly an elderly care facility care. This often leaves individuals in a situation where they earn too much to get Medicaid, but not enough to pay for nursing home care. This case is referred to as the Medicaid Gap.
Since there are so many factors determining the eligibility for Medicaid, planning is very important. You need to consider all factors and attempt to figure out what your medical needs will likely be in the future. This can be very difficult. The financial aspect is also a difficult situation to deal with. Often times, people are forced to spend their life savings just to become qualified for Medicaid programs so they can receive nursing home care. Proper planning can alleviate many of these stresses.
You have one shot at submitting a software form to Medicaid. Usually do not submit it until this has been reviewed by an expert – it might cost you tens of thousands of dollars. Call us to have an expert evaluation process.
States typically offer online forms that you might download and print, however no states permit you to currently submit an application for Medicaid on the web and submit the shape online.