Distinguishing Medicaid From Medicare

Oftentimes, people have a hard time remember 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”

Irrevocable Medicaid Trust

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”

Proposed State Budget Calls for $70 Billion for Medicaid

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”

Medicaid State-to-State Transfer Rules

Medicaid eligibility professionals Long IslandMany 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”

Joint Bank Accounts Offer No Protection from Medicaid

Long Island Medicaid eligibility assistanceChildren 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”

States May be Allowed to Invoke Work Requirements for Medicaid Eligibility

Long Island Medicaid eligibility consultingMedicaid 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”

Spending Down Assets for Medicaid: A Prepaid Funeral Contract

In order to be eligible for Medicaid, there are certain asset limits that need to be followed. Some of those include $2,000 in cash ($3,000 for a couple), a home valued at $500,000 or less, one automobile of any market value, funeral and burial funds, any real or personal property deemed essential for self-support, and a life insurance policy not exceeding $1,500. If an applicant wishes to receive Medicaid funding but has excessive assets, they will need to either spend down those assets or use the excessive amount to pay for long-term care needs until the surplus amount is drained. Continue reading “Spending Down Assets for Medicaid: A Prepaid Funeral Contract”

Medicaid Ineligibility Period

medicaidMedicaid is considered a need-based program. For this reason, in order to qualify for Medicaid, you must have only a limited income and a maximum amount of assets to qualify. Many people worry that because they have a home or a car that they will be ineligible to apply for Medicaid. This is untrue, as certain assets will be excluded from your total assets.

Continue reading “Medicaid Ineligibility Period”

Graham-Cassidy Proposal Puts Medicaid Coverage at Risk

Senate Republicans continue to push for legislation to repeal and replace the Affordable Care Act. The Graham-Cassidy bill is sponsored by Senator Lindsey Graham, from South Carolina and Senator Bill Cassidy, from Louisiana. Although the bill is still lacking 50 votes needed, it is important to understand the effects it may have on health care. Continue reading “Graham-Cassidy Proposal Puts Medicaid Coverage at Risk”

Social Security Disability Insurance vs. Supplemental Security Income

Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) are both supplemental income programs that are used to help the disabled, elderly, and blind. The main difference between SSDI and SSI is that SSI is a means-based program, whereas SSDI is an entitlement program. SSDI is only available to people who have worked long enough to accumulate work credits. SSI is available to people who have not earned enough work credits and can show that they financially need the support. Both SSI and SSDI are administered by the Social Security Administration, but they have entirely different financial requirements. Continue reading “Social Security Disability Insurance vs. Supplemental Security Income”