What is Medicaid?
Medicaid is a federally funded health insurance program administered through the state for the financially eligible. There is no age restriction to qualify, but there are income and asset standards that must be met in order to qualify for Medicaid. If your income or assets exceed the qualifying limits you may still be eligible if you meet one of the many exceptions. If you still exceed the limits, Medicaid Planning can be initiated to ensure your future eligibility should the need arise (sometimes in as little as 30 days!).
Is Medicaid the Same as Medicare?
No, Medicaid is not the same as Medicare. Medicare is a healthcare benefit provided by the federal government to individuals over age 65 or under age 65 and deemed Social Security disabled for at least two years. Medicare covers doctors’ visits, medical tests, x-rays, and care provided in hospitals but has a very limited nursing home benefit (maximum 100 days or less).
Medicaid planning is taking the necessary steps now to ensure that if the need for long-term care (nursing home or assisted living) should arise for you in the future, you will qualify for Medicaid benefits to pay for it. Medicaid planning requires adherence to specific rules that if not followed precisely, can disqualify you from benefits for a significant period of time. Our Medicaid planning program is not a mechanism to give away all of your assets to ensure you qualify for Medicaid, but rather a systematic planning strategy that follows Medicaid rules so you can legally retain what you need to maintain your lifestyle while becoming Medicaid eligible without losing all of your stuff. To maximize the benefits of proper Medicaid planning it is important to take action while you are healthy. Waiting until a crisis situation (i.e. admission to the hospital) can severely limit your ability to protect your stuff.