Medicaid and long term care solutions may have some similarities, but it’s important to know the differences.
Medicaid is a joint federal and state government-funded program intended to help low income individuals pay for some or all of their healthcare bills (doctor and hospital costs, nursing home, or personal care).
Medicaid may cover nursing home costs, but many people won’t qualify due to incomes that exceed eligibility levels in their state. Due to these requirements, many people pay out-of-pocket for nursing home care to “spend down” their assets in order to be eligible for Medicaid.
Some assets and income can be protected for a spouse who remains at home. In addition, some assets may be protected if you have partnership qualified long term care insurance* in your state.
State laws vary regarding funds, owned assets, and Medicaid eligibility. Some assets, such as your home, may not be a factor when considering Medicaid eligibility. However, federal law requires your state to recover (from your estate) the costs of Medicaid benefits you receive.
Contact your state’s Medicaid Office, Office on Aging, Insurance Counseling Program, or Department of Social Services to learn more about the eligibility requirements in your state.
Learn more about the differences between Medicaid and long term care insurance. Take control of your future and protect your estate and assets. Start by requesting a free quote for long term care coverage today.
*Insurance product guarantees are backed by the financial strength and claims-paying ability of the issuing insurer.
Please Note: The information on this site is provided for informational purposes only and should not be construed as tax advice. Please consult your tax advisor and/or attorney for advice regarding your specific circumstances. Additionally, LTC Consumer and its representatives are not affiliated with the US government or any governmental agency. Results may vary by state.