Medicare and Medicaid are words you hear more and more as you start getting older, and they are truly important terms to understand. So, let’s breakdown each one so you understand what it is and how to know if you are eligible.
Medicare is the federal health insurance program for individuals older than 65, as well as younger individuals with disabilities or permanent kidney failure. There are several parts and plans available to Medicare participants, including hospital insurance (Part A), Medicare insurance (Part B) and prescription insurance (Part D). Certain individuals, specifically those who didn’t pay Medicare taxes while working, may have to pay a premium for Part A, however most people do not. Anyone who wants Part B must pay a premium. To find out if you qualify for Medicare as well as the anticipated cost, visit Medicare.gov.
Medicaid is a free or low-cost health care coverage option for low-income individuals, families and those with disabilities. Medicaid coverage is offered based on income and family size. You can visit your state’s Medicaid website to see if you qualify for coverage. While this coverage is not specific to elderly individuals, the Medicaid Long-Term Care coverage is typically of particular interest to seniors.
Medicaid’s Long Term Care coverage assists with costs for long-term care, whether it’s in-home, nursing home or assisted living care, for those who meet strict financial guidelines. The criteria varies by state, but the reality is to qualify for this assistance, you typically have minimal assets and income. However, there are some proactive measures that can be taken, if Medicaid is your only option for long-term care coverage. If that’s the case, it’s important to start looking at those options soon.
If you need advice on Medicare, Medicaid or long-term care strategies, our firm can assist you in creating a plan that works best for your family. Contact us today for a free consultation.