Understanding Medicaid can make the difference between approval or denial of your application for long-term care coverage. In the next few blog posts, we’ll give a closer look at various aspects of qualifying for Medicaid and estate planning for Medicaid qualification. First, a few things to know about Medicaid as an overall program:
- Medicaid is a federal program funded by both the state and federal government. While the federal government sets guidelines and rules, each state implements the program as it sees fit.
- The rules for Medicaid may be very different from state to state, so do not think that there is a one-size-fits-all guide to Medicaid.
- Medicaid is a needs based program, meaning you have to meet income and asset limitations to qualify.
- Medicaid and Medicare are two very different programs. Everyone who paid into Medicare while working can receive Medicare. Not everyone will qualify for Medicaid.
- Medicaid may be run under a different name in your state. For example, in California, it is Medi-Cal and in Massachusetts it is MassHealth.
- You will need an attorney to help you through the Medicaid process if you have assets and earnings at the time you need to apply to have the best outcome possible.
