If you are going to be qualified for Medicare as a senior citizen, you may feel as though Medicaid is not relevant to you. These are both government health insurance programs. You qualify for Medicare by earning retirement credits while you are working. Medicaid is available to those who can demonstrate financial need. Medicaid is important for many senior citizens who qualified for Medicare because Medicare will not pay for long-term care. The majority of senior citizens will require living … [Read more...] about What Are the Disadvantages of a Medicaid Trust?
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Is There a Medicaid Asset Limit?
When you think about health insurance for senior citizens, Medicare is probably going to come to mind first. You pay into the Medicare program when you are working and paying taxes. You can accumulate as many as 4 retirement credits per year. Once you have 40 credits, you will qualify for Medicare when you reach the age of 65. Medicaid is a need-based health insurance program for people of all ages. Most seniors are not going to need Medicaid coverage when they reach the age of 65, because … [Read more...] about Is There a Medicaid Asset Limit?
What Is the Medicaid Monthly Maintenance Needs Allowance?
The United States Department of Health and Human Services tells us that 70 percent of people who are turning 65 on this day will eventually require assistance with their day-to-day needs. If you were to reside in a nursing home or assisted living community, you are looking at some significant expenses late in your life. … [Read more...] about What Is the Medicaid Monthly Maintenance Needs Allowance?
Do You Have to Impoverish Yourself to Qualify for Medicaid?
Medicaid is a joint federal/state government administered health insurance program for people with financial need. Most people who have worked for a significant period of time are going to qualify for Medicare when they are senior citizens. The majority of them have some resources. Because of this they wouldn't qualify for Medicaid. Therefore, you may assume that Medicaid is really not relevant to most senior citizens. … [Read more...] about Do You Have to Impoverish Yourself to Qualify for Medicaid?
What Are the Disadvantages of a Medicaid Trust?
You may wonder why Medicaid would be relevant to you if you are going to qualify for Medicare as a senior citizen. The reason why Medicaid is relevant to many elders is because of the fact that Medicare will not pay for custodial care. Custodial care is the type of care that you would receive in a nursing home or assisted living community. It is essentially living assistance rather than medical or convalescent care. For this reason, it is not covered under Medicare. … [Read more...] about What Are the Disadvantages of a Medicaid Trust?
What Assets Can I Keep When My Spouse Qualifies for Medicaid?
The Medicaid program is relied upon by a significant percentage of seniors who require long-term care. This is because of the fact that Medicare will not pay for living assistance. If you need help with your activities of daily living, this is considered to be custodial care. Medicare will pay for convalescent care after surgery for as long as 100 days, but it will not pay for custodial care at all. … [Read more...] about What Assets Can I Keep When My Spouse Qualifies for Medicaid?
What Is the Five Year Medicaid Look Back?
The Medicaid program is relied upon by most senior citizens who are receiving long-term care in the United States. This is true even though Medicaid is a program that is thought of as being a safety net for people with virtually no financial resources. Many of the people who ultimately utilize Medicaid to pay for assisted living were qualified for Medicare coverage. They worked throughout their lives, they were never financially needy, and they had some retirement savings. … [Read more...] about What Is the Five Year Medicaid Look Back?
Why Would Medicaid Planning Be Important to Me?
You may have heard that Medicaid is important to many senior citizens. This can be confusing. If you have paid taxes while working all of your life, you may wonder why Medicaid would be important to you. After all, you are going to be eligible for Medicare when you reach the age of 65. … [Read more...] about Why Would Medicaid Planning Be Important to Me?
