| Eligibility for Medicaid | | | | pay nursing home costs out of their own savings until |
| Planning and properly setting up your estate for | | | | they have reached the financial eligibility for Medicaid. |
| Medicaid eligibility can reduce your fear of ending up in | | | | Medicare and Medicaid are often confused. It is |
| a nursing home because meeting Medicaid | | | | important to understand that these are two completely |
| requirements can save on average a eighty-five | | | | different programs with different benefits. Medicare is |
| thousand to one hundred and fifty thousand dollars. | | | | the health insurance granted to those who receive |
| Typically, the annual cost for nursing home care | | | | Social Security. It is an entitlement program that could |
| ranges between $85,000 and $150,000. This placement | | | | be compared to PPO's and HMO's like Blue Cross |
| and change in life means many things. It causes the | | | | Blue Shield and United Healthcare. Medicaid is a form |
| loss of personal autonomy and can come with a hefty | | | | of welfare and is largely based on income. To be |
| financial obligation. | | | | eligible for Medicaid, you must not earn more than the |
| Many people pay for these costs from their personal | | | | specified amount in a one month period – in most |
| savings. This results in the depletion of all savings and | | | | states the absolute maximum income level is $2,300 |
| assets. Who is eligible for Medicaid? Only after your | | | | per month. |
| assets have been depleted does one get eligibility for | | | | Medicaid is administrated by individual state |
| Medicaid benefits. There is an advantage to paying for | | | | governments, but is reimbursed by the federal |
| the nursing home with your own money. It allows you | | | | government and thus most states rules are very |
| to choose where to live and it can eliminate having to | | | | similar but different. Each state has its own form of |
| deal with state bureaucracy. The disadvantage is the | | | | Medicaid, often called by different names. The state |
| huge expense. This is why careful planning is so | | | | operates the program, but all programs must conform |
| important. | | | | to specific federal guidelines. This means that Medicaid |
| Medicaid asset protection for your estate is possible. A | | | | rules and regulations differ in each state, which can |
| long-term care insurance policy could possibly help | | | | cause a lot of confusion. The best thing to do is |
| achieve this, but it not the best way to protect your | | | | contact your state to find out exactly what the eligibility |
| assets. Whether you are receiving Medicaid or | | | | rules are and what benefits are offered through the |
| Medicare benefits, it is important to take proper | | | | program. These programs change often so it is |
| planning steps to make sure you are receiving all of | | | | important to always have the most up to date |
| the benefits you are entitled to as early as possible. | | | | information available. |
| Medicare Part A | | | | Using Medicaid Asset Protection for Eligibility |
| Medicare Part A is something that every aging person | | | | One way people plan for Medicaid is by distributing |
| should be familiar with. This part of Medicare will cover | | | | their assets before they require the benefits from |
| up to 100 days in a skilled nursing facility per illness. The | | | | Medicaid. When this is done, individuals will be able to |
| catch is the actual definition of a skilled nursing facility. | | | | qualify for Medicaid faster than if they had to spend |
| In fact, due to the strict guidelines and varying | | | | down their savings and deplete assets. This is why |
| definitions, very few people are actually entitled to | | | | planning for Medicaid can be difficult. It is nearly |
| these 100 days. The end result is that Medicare ends | | | | impossible to know when you will need long-term care. |
| up only paying for 9% of all nursing home care in the | | | | However, planning for this care is one of the most |
| country. | | | | important things to do. An asset protection plan is one |
| Medicaid – What is it? | | | | way to go about planning. These plans will reallocate |
| Medicaid is the only way to obtain long-term medical | | | | your assets and transfer money, making you eligible |
| care in the United States. Most people are required to | | | | for Medicaid when the time comes. |