Seeing as Americans are living longer, it is important to prepare for life after retirement. This consists of medical coverage and Medicare or Medicaid. Medicaid planning is an essential part of life for older individuals.
Everyone knows that the price of nursing homes is quite expensive and it is costing more annually. The expense could range from $3,000 to $ten thousand per month! Recent reports have stated that people spend around 30 months in a nursing home. Lots of people buy these nursing facilities using their own money, often depleting their life savings. This is simply not always necessary. If you intend properly, Medicaid may help cut these costs, enabling you to leave money to your heirs instead of spending all of it on an elderly care facility costs.
Medicare Part A identifies hospital insurance which covers up to 100 days in a skilled nursing facility. However, Medicare features a restrictive definition of skilled nursing. Often, 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 dependant on financial needs. You may be required to pass an asset and income test to be eligible for the Medicaid benefits. On the contrary, Medicare is available to anyone over the age of 65 and fails to consider income or assets within the required qualifications.
You must pass a 3 part test to satisfy medical eligibility. The test is broken into sections which include your medical necessities, your age and disabilities as well as your finances. You must meet the requirement of all three sections to get eligible for Medicaid.
The medical need portion is dependant on any medical restrictions the patient could have. These restrictions must limit your ability to execute daily tasks. Certain 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 available from a hospital.
To get eligible, you must be older than 65 or use a disability. For instance, in case you are disabled and they are only 60 years of age, you will be eligible for Medicaid.
Your earnings and assets are an important part of eligibility. All individual assets and income will be considered when determining eligibility. The exact amounts will be different per state. Asset tests can vary based on uahruh the individual is married or single. The quantity of assets allowed is going to be determined by the marital status. The income cap per 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 will not be regarded as. Often, that set amount is way less than the price of monthly elderly care facility care. This often leaves individuals in a situation where they earn excessive to obtain Medicaid, but not enough to fund an elderly care facility care. This case is referred to as the Medicaid Gap.
Since there are plenty of factors determining the eligibility for Medicaid, planning is very important. You need to consider all factors and then try to figure out what your medical needs is going to be in the future. This is very difficult. The financial aspect is another difficult situation to handle. Often times, people have to spend their life savings just to become qualified for Medicaid programs to enable them to receive elderly care facility care. Proper planning can alleviate some of these stresses.
You have one shot at submitting an application form to Medicaid. Do not submit it until it really has been reviewed by a professional – it might set you back tens of thousands of dollars. Contact us to have an expert evaluation process.
States typically offer online forms that you could download and print, however no states enable you to currently submit an application for Medicaid online and submit the form online.