Medicare vs. Medicaid
Medicare and Medicaid are often referred to interchangeably, but they are not identical programs and have different coverage benefits.
The goal of Medicare, which is tied to eligibility for Social Security, is to provide affordable health insurance for the elderly. Getting set up with the right Medicare coverage can be confusing; having someone to help you navigate all the options can make the process feel less intimidating. To add to the challenge of setting up Medicare, there are private insurance companies that have supplemental insurance plans (Medicare Supplement or Medigap Insurance) to cover any medical expenses not met under Medicare.
Medicaid, on the other hand, is a federal and state public assistance program that pays for health care services limited to eligible indigent individuals (e.g. disabled, elderly, etc.) with financial need. Unlike Medicare, qualifying for Medicaid is unrelated to work requirements.
One of the many key differences between Medicare and Medicaid is this: while Medicare does not cover long-term nursing home care, Medicaid does. Since private, long-term care insurance does not cover all nursing home costs, having Medicaid coverage is beneficial. To be eligible for Medicaid coverage of nursing home care, there are citizenship, medical and financial requirements.
Estate Planning, Asset Protection and Nursing Home Care with Medicaid Eligibility Consideration
While there are ways to protect your assets and qualify for Medicaid services, this is a specialized area of Elder Law practice and working with an Elder Law attorney who knows the laws around Medicaid eligibility is critical. Andrew has attended courses and reviews changes made to the law so he can help you come up with a plan that meets your needs and fits within the legal requirements for Medicaid eligibility.
It’s never too late to do this type of planning. Even if a loved one is already in a nursing home planning can be done to save a portion of those assets from being spent on nursing home care. Typically at least half of the remaining assets can be protected, but in many cases even more can be saved. If someone tells you the only option is to spend down the assets they probably don’t know enough about this area of the law. Call Stone Law, LLC today and let us work with you to protect your assets and preserve them for your family.
Stone Law, LLC can help you protect your assets and preserve them for your family. Call Andrew to find out how.