Medicare and Medicaid
- Medicaid and the principal residence
Your home is a valuable asset representing financial security, and yet to qualify for Medicaid, you must have limited income and few assets. To protect your home for your family, you should make plans well in advance of entering a nursing home. You can transfer or gift your home to loved ones. You can also transfer it to a trust. In all cases, though, Medicaid planning is complicated and has time constraints. Be sure to consult an elder law attorney.
- Medicaid planning basics
Many nursing home residents end up exhausting their assets on long-term care, but it doesn't have to be that way. Planning for the possibility of nursing home care while you're healthy can allow you to pay for long-term care while protecting assets for your loved ones. You'll want to work with an experienced elder law attorney, though, because the rules are complex and vary from state to state.
Medicare is federally sponsored health insurance for retired individuals. Medicare Part A covers inpatient hospital care, hospice care, and home health care. Part B, optional coverage for a monthly premium, covers inpatient or outpatient medical care, lab tests, physical therapy or rehabilitation services, and ambulance service. Medicare Part C allows you to choose from a variety of health-care plans. The Social Security Administration is responsible for processing Medicare applications and can answer your questions about eligibility or coverage.
- Medicare and Medicaid: Do You Know the Difference?
Medicare and Medicaid were signed into law to protect older and poorer Americans against the high cost of health care. Ironically, it's the high cost of providing health care through these programs that now threatens federal and state budgets, leading to calls for Medicare and Medicaid reform. Although these programs are often lumped together, they function quite differently. Here's a look at the coverage each provides.
- Medicare figures at-a-glance
- Will Medicare alone be enough to cover my health-care needs in retirement?