What Kinds Of Medicaid Benefits Can Seniors Get?

If you grew up in the United States, you may have heard your grandparents talking about Medicare.  It seemed to take up a large portion of the conversation at family gatherings.  You could have reasonably believed that Medicare was the only way seniors could pay for their medical expenses.  Given how much stress the cost of Medicare premiums, deductibles, and copays caused your parents, you could reasonably surmise that Medicare is not free.  Does this mean that free healthcare for seniors is an illusion?  Mostly.  The free healthcare services for seniors, or for anyone, are few and far between, and whenever the government provides you health services at no cost, it finds a way to reimburse itself out of money that would otherwise be yours.  Medicaid benefits are available to seniors, but it is not easy to get them, and when you do, you should be careful what you wish for.  To find out more about your future as a beneficiary of Medicare, Medicaid, or both, contact a Tampa estate planning lawyer.

Can You Be Eligible for Medicare and Medicaid at the Same Time?

Eligibility for Medicare is based on age; everyone who is at least 65 years old qualifies for Medicare.  By contrast, Medicaid eligibility is based on your financial situation.  Therefore, if you are both elderly and poor, which a lot of people are, you can receive some services from Medicare and others from Medicaid.

Getting Medicaid Nursing Home Benefits Requires a Lot of Planning

Long-term care is a major expense for many retirees, even those with abundant retirement savings and other valuable assets.  To make matters worse, Medicare only pays for 100 days of nursing home care, and many seniors need more than that but cannot pay for it.  Others start out paying for nursing home care out of their savings, but the savings eventually run out.  When seniors apply for Medicaid, it is usually to enter a nursing home as a Medicaid beneficiary.

When deciding whether to approve your application for benefits, Medicaid looks at your finances over the five years leading up to your application.  You cannot quickly spend down your assets on purpose when you know you will need nursing home care but can’t afford it.  If Medicaid approves you, it will reroute your Social Security check to itself to pay for your nursing home care.  After you die, it will file a claim against your estate for any money it spent on your care that your Social Security check didn’t cover.

Medicaid for Seniors Isn’t Just for Nursing Homes

In-home care is less expensive than residential care.  Therefore, Medicaid also provides home health aide services for indigent seniors who can still live in their homes but require assistance.

Contact David Toback About Medicaid Benefits for Seniors

A Central Florida estate planning lawyer can help you plan for aging in place or long-term care as a Medicaid beneficiary.  Contact David Toback in Tampa, Florida to set up a consultation.

Source:

medicaidplanningassistance.org/medicaid-eligibility-florida/