Seeing as Americans are living longer, it is very important plan for life after retirement. This can include medical coverage and Medicare or Medicaid. Medicaid planning is an integral part of life for older individuals.
Everybody knows that the expense of nursing homes is quite expensive and it is costing more every year. The expense could range anywhere from $3,000 to $10,000 per month! Recent studies have stated that people spend typically 30 months in a nursing home. Lots of people buy these nursing homes with their own money, often depleting their life savings. This may not be always necessary. If you are planning properly, Medicaid will help cut these costs, letting you leave money for your heirs rather than spending everything on elderly care facility costs.
Medicare Part A refers to hospital insurance which covers as much as 100 days in a skilled nursing facility. However, Medicare includes a restrictive definition of skilled nursing. Many times, an elderly care facility care is definitely not covered under Part A. Medicaid is the only option that individuals have to help buy the cost of a nursing home. Unlike Medicare, Medicaid is a program that is based on financial needs. You will end up necessary to pass an asset and income test to become qualified to receive the Medicaid benefits. On the contrary, Medicare is accessible to anyone over 65 and fails to consider income or assets included in the required qualifications.
You need to pass a three part test to meet medi-cal eligibility verification. The exam is broken into sections which include your medical necessities, your actual age and disabilities along with your financial situation. You must satisfy the requirement of three sections to become eligible for Medicaid.
The medical need portion is based on any medical restrictions the person could have. These restrictions must limit your ability to execute daily tasks. The prerequisites are the individual must need daily care, skilled nursing, continuous observation, the necessity for a registered nurse and medical needs that are not typically provided by a hospital.
To become eligible, you have to be over 65 or have a disability. For instance, should you be disabled and they are only 60 years old, you will be eligible for Medicaid.
Your revenue and assets are an important part of eligibility. All individual assets and income will likely be considered when determining eligibility. The actual amounts can vary per state. Asset tests will vary depending on uahruh the patient is married or single. The quantity of assets allowed is going to be dependant on the marital status. The income cap each month also varies per state.
The income test often presents problems when you are applying for Medicaid. In case your monthly income level is over the specified amount, you simply will not be looked at. Often times, that set amount is significantly under 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 situation 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 try to know what your medical needs will likely be later in life. This can be very difficult. The financial aspect is another difficult situation to handle. In many cases, people have to spend their life savings simply to become eligible for Medicaid programs to enable them to receive nursing home care. Proper planning can alleviate some of these stresses.
You might have one shot at submitting an application form to Medicaid. Tend not to submit it until it really has been reviewed by a professional – it may cost thousands of dollars. Give us a call for an expert evaluation process.
States typically offer online forms that you could download and print, however no states permit you to currently make an application for Medicaid on the web and submit the form online.