Orlando Medicaid Planning: Differences Between Medicaid and Medicare
As you age, you may find yourself needing long-term medical care, such as a nursing home. Some people make the mistake of assuming that Medicare will cover these costs. The truth is Medicare doesn’t cover nursing homes and other long-term care. Don’t let yourself get caught off guard and face medical care that you can’t afford. Nursing home facilities can easily run more than $7,000 a month. Unless you have that kind of money in your accounts, you will want to be eligible for Medicaid.
To learn more about Medicaid eligibility in Florida, contact an Orlando Medicaid planning attorney.
Medicare is almost always available to someone 65 and older, and some people on Social Security disability or who have permanent kidney failure. The federal government administers Social Security, and the program applies the same all over the United States.
Under Medicare hospital insurance Part A, you have basic coverage for a hospital stay and post-hospital nursing facility, and home health care. Part B is Medicare medical insurance that will cover most of your doctor appointments and laboratory costs. It will also cover some outpatient services, such as home health care, medical equipment and supplies, physical therapy. Part D is Medicare prescription drug coverage that will cover some of your prescription costs.
Patients will have out of pocket costs with Medicare. There is an annual deductible for Part A and Part B, and you will have co-payments for extended hospital payments. Part B and Part D may have monthly premiums, as well.
Medicaid is for financially needy and low-income people. That also includes people over 65 who have Medicare. Medicaid is a state-administered program. That means the rules will vary in every state. When needed, Medicaid can provide compensation for comprehensive inpatient and outpatient medical treatment. It also covers some services that Medicare won’t cover, such as eyeglasses, diagnostic and preventative care, and prescription drugs. However, remember the rules vary by state, so the amount of coverage will be different.
Medicaid can cover your deductibles for Medicare and a percentage of charges that Medicare didn’t cover. You don’t have the same yearly deductible and co-payments that you do with Medicare.
Importance of Medicaid Planning
Planning for Medicaid requires you to be proactive. Before Medicaid pays for your long-term care, you will need to spend down your assets until you qualify. That could leave you with nothing to live on if you are discharged from the nursing home. That’s one of the reasons why planning ahead is so important.
When you work with an Orlando Medicaid planning attorney, we will explain other options on how to achieve eligibility. One option is to start gifting your property to others instead of holding on to it. However, you must make transfers and give gifts very carefully. Medicaid looks at all transfers and gifts closely to ensure they aren’t fraudulent. For example, did you sell real estate to a family member for much less than it’s worth? If so, you could be penalized, and they still count the assets against you.
To learn more about Medicaid eligibility, contact an Orlando Medicaid planning attorney at the Law Offices of Shea A. Fugate, P.A., today to schedule an initial consultation.