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 essential part of life for older individuals.
We all know that the cost of nursing homes is very expensive in fact it is costing more each year. The costs could range anywhere from $3,000 to $ten thousand each month! Recent studies have stated that people spend an average of 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 not always necessary. If you plan properly, Medicaid can help cut these costs, enabling you to leave money for your heirs as opposed to spending it all on elderly care facility costs.
Medicare Part A describes hospital insurance which covers up to 100 days in a skilled nursing facility. However, Medicare includes a restrictive concept of skilled nursing. Often, elderly care facility care will not be covered under Part A. Medicaid is the only option that people have to help pay for the cost of a nursing home. Unlike Medicare, Medicaid is actually a program that is based on financial needs. You will end up needed 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 65 and does not consider income or assets as part of the required qualifications.
You must pass a three part test to satisfy insurance eligibility. The exam is broken into sections which includes your medical necessities, how old you are and disabilities and your finances. You have to meet the requirement of all the three sections to get eligible for Medicaid.
The medical need portion is dependant on any medical restrictions the patient may 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 requirement for a registered nurse and medical needs that are not typically offered by a hospital.
To become eligible, you need to be older than 65 or possess a disability. For example, should you be disabled and therefore are only 60 years old, you will be qualified to receive Medicaid.
Your revenue and assets are a significant part of eligibility. All individual assets and income is going to be considered when determining eligibility. The precise amounts will vary per state. Asset tests will vary depending on uahruh the patient is married or single. The amount of assets allowed will be dependant 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 simply will not be looked at. Often, that set amount is far lower than the price of monthly an elderly care facility care. This often leaves individuals in a situation where they earn excessive to have Medicaid, however, not enough to cover nursing home care. This example is known as the Medicaid Gap.
Since there are numerous factors determining the eligibility for Medicaid, planning is essential. You must consider all factors and try to figure out what your medical needs will be in the future. This is very difficult. The financial aspect is also a difficult situation to cope with. In many cases, people are required to spend their life savings simply to become eligible for 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. Usually do not submit it until it really has been reviewed by an expert – it could cost thousands of dollars. Give us a call to have an expert evaluation process.
States typically offer online forms that you may download and print, however no states permit you to currently apply for Medicaid on the web and submit the shape online.