Medicare vs. Medicaid

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Stone Law, LLC

Posted on

Aug 12, 2021

Book/Edition

Colorado - Northern Colorado

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Medicare and Medicaid are often referred to interchangeably, but they are not identical programs and have different coverage benefits.
The goal of Medicare, which is tied to eligibility for Social Security, is to provide affordable health insurance for the elderly. Getting set up with the right Medicare coverage can be confusing; having someone to help you navigate all the options can make the process feel less intimidating. To add to the challenge of setting up Medicare, there are private insurance companies that have supplemental insurance plans (Medicare Supplement or Medigap Insurance) to cover any medical expenses not met under Medicare.
Medicaid, on the other hand, is a federal and state public assistance program that pays for health care services limited to eligible indigent individuals (e.g. disabled, elderly, etc.) with financial need. Unlike Medicare, qualifying for Medicaid is unrelated to work requirements.
One of the many key differences between Medicare and Medicaid is this: while Medicare does not cover long-term nursing home care, Medicaid does. Since private, long-term care insurance does not cover all nursing home costs, having Medicaid coverage is beneficial. To be eligible for Medicaid coverage of nursing home care, there are citizenship, medical, and financial requirements.

Estate Planning, Asset Protection and Nursing Home Care with Medicaid Eligibility Consideration

While there are ways to protect your assets and qualify for Medicaid services, this is a specialized area of Elder Law practice and working with an Elder Law attorney who knows the laws around Medicaid eligibility is critical. At Stone Law our attorneys continually review changes made to the law so we can help you come up with a plan that meets your needs and fits within the legal requirements for Medicaid eligibility.
Its never too late to do this type of planning. Even if a loved one is already in a nursing home planning can be done to save a portion of those assets from being spent on nursing home care. Typically at least half of the remaining assets can be protected, but in many cases even more can be saved. If someone tells you the only option is to spend down the assets they probably dont know enough about this area of the law. Call Stone Lawtoday and let us work with you to protect your assets and preserve them for your family.

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Local Services By This Author

Stone Law, LLC

Elder Law 430 East 6th Street, Loveland, Colorado, 80537

There are so many issues that can addressed with effective estate planningfrom something as simple as a will to a complex trust specifying who gets what finances from your estate and how they can use the fundsyour worries and concerns can all be taken care of. We can also include special planning for those with disabilities who need additional support. With proper estate planning, you can ease the burden on your loved ones following your death or illness. Stone Law can help you plan for whatever you and your family need.

Stone Law, LLC

Estate Planning 430 East 6th Street, Loveland, Colorado, 80537

At Stone Law, we support you and your family with any aging and disability concerns. We can help make sure you have a solid plan for these and other what ifs to give you peace of mind. Our primary goal is to advocate for the elderly so no one can take advantage or manipulate a situation to their benefit. We aim to make sure your needs and wishes are met. We will always be sensitive to your needs and emotions. We also recognize that issues and concerns are broader than simply addressing legal needs and can help facilitate partnerships with other helpful agencies.