In 2015, the ABLE Act was passed to give people with disabilities the ability to supplement benefits such as Supplemental Security Income (SSI), Supplemental Security Disability Income (SSDI), and Medicaid by placing money into an ABLE account in order to maintain his or her lifestyle. More importantly, funds in an ABLE account do not affect Medicaid, SSI, SSDI, or other government benefits.
An ABLE account may be established by the disabled individual themselves or by a parent, guardian, or agent of the disabled individual. Once an ABLE account is created, the disabled person will be the beneficiary of all funds in the account and it may be funded by anyone who wishes to contribute.
Continue reading “ABLE Accounts Won’t Affect Your Medicaid Eligibility”
Oftentimes, people have a hard time remembering the difference between Medicaid and Medicare, the services provided, who oversees these programs, and how to qualify for benefits. While each program is run by the Center for Medicare & Medicaid Services (CMMS), they are entirely different. Continue reading “Distinguishing Medicaid From Medicare”
While people are living longer lives than they did in the past, it also creates a higher probability that a person will need the service of a long-term care facility someday. The cost of long-term care will often deplete a person’s savings within a short period. Without the support of Medicaid, people will possibly end up having to sell assets in order to come up with the money to afford their long-term care. Short of a proper estate plan, the money they have earned and the assets they have gained throughout their life will be used solely to pay for their long-term care instead of going to loved ones. Continue reading “Irrevocable Medicaid Trust”
Community Medicaid is a program that covers the cost of care that is provided in the home to help individuals and their families pay for a home health aide as well as necessary medical supplies. To qualify for Community Medicaid an applicant may have no more than $15,150 in assets. Community Medicaid does not have a look back period, which allows an individual to be eligible for benefits within one month of applying. In addition, the $15,150 does not include qualifying retirement accounts where the individual is taking monthly-required distributions. A primary residence is exempt, as well as an irrevocable pre-paid funeral. In addition, an individual may have no more than $845.00 in monthly income. Continue reading “Medicaid Can Cover the Cost of Supplies and Equipment”
WGRZ-TV in Buffalo, New York, recently reported that the Cuomo administration is budgeting $70 billion for Medicaid in the state budget for fiscal year 2019. This includes funding from the federal government, resulting in an increase of $1.7 billion (or 2.5 percent) over last year. In addition, the budget will appropriate $153.3 billion for the New York State Department of Health (NYSDOH), with $142 billion slated for Medicaid through FY 2020. Continue reading “Proposed State Budget Calls for $70 Billion for Medicaid”
As of January 1, 2018, the New York State Department of Health adjusted the amount of income and assets that a single person who is a Medicaid recipient may have to no more than $15,150 in assets and $845 in monthly income. For eligibility purposes, there are certain assets and income that are considered exempt such as qualifying retirement accounts where the individual is taking monthly-required distributions. A primary residence is also an exempt asset, as well as an irrevocable pre-paid funeral. Continue reading “2018 Medicaid Resource and Income Levels”
Many Medicaid recipients believe that since Medicaid is a federally funded program that their Medicaid coverage and benefits will automatically switch from one state to another. This assumption is inaccurate. While Medicaid is a federal program, it is also a state program. Therefore, each state has its own eligibility requirements which may make it difficult for a recipient to easily switch their Medicaid coverage to a new state. Continue reading “Medicaid State-to-State Transfer Rules”
Children and parents should be aware of adding one another to their bank accounts as joint owners. While joint bank accounts may offer parents a certain level of protection by making sure that someone will always have access to their money to pay bills, joint bank accounts are more likely to cause greater issues instead of resolving issues. As individuals begin to grow older, they tend to become concerned with how they will finance their long-term care. Many people turn to Medicaid, a joint Federal and State funded program, to help fund this expense. Since Medicaid eligibility is determined by a combined value of assets and income, joint bank accounts can have negative effects on a person’s ability to secure Medicaid benefits. Continue reading “Joint Bank Accounts Offer No Protection from Medicaid”
Medicaid provides health coverage to over 72.5 million Americans. Those covered include children, pregnant women, parents, seniors and those with disabilities. According to Medicaid.gov, Medicaid is currently the leading provider of health coverage in the United States. Continue reading “States May be Allowed to Invoke Work Requirements for Medicaid Eligibility”
A Medicaid application can be denied for various reasons. While a denial notice may have left you feeling pessimistic, you have the right to appeal the denial. Many times, Medicaid applications will be denied because of simple mistakes, such as missing documentation, and this can be easily fixed. Common Medicaid application denial reasons include: Continue reading “My Medicaid Application Was Denied, Now What?”