What is medicaid? This is a question you need to be able to answer if you want to protect yourself financially in case you experience significant medical needs. Medicaid can provide you with insurance coverage for certain things that no other insurer covers. However, you need to be able to actually qualify for benefits- which is easier said than done.
Mark S. Eghrari & Associates PLLC can provide you with assistance in understanding the rules for getting covered and in making plans for Medicaid eligibility. You need to not only be able to answer the question, what is Medicaid, but also to answer Medicaid rules for coverage so your assets and your legacy are not at risk. Give us a call today to talk with a New York Medicaid planning lawyer about what your options are for making a plan to protect you when a medical emergency strikes.
What is Medicaid?
Medicaid is a government created and government funded health insurance program. Unlike Medicare, which is funded through a special dedicated payroll tax, Medicaid is funded through general tax revenue. The federal government picks up the majority of the cost of Medicaid and the federal government works with the states to provide this health insurance to citizens. States can set their own specific eligibility rules and administer many aspects of their own programs. However, there is a federal / state partnership which is ultimately responsible for administering the Medicaid program and the Centers for Medicare and Medicaid Services establish many basic guidelines on the federal level that are applicable across different states.
The purpose of Medicaid is to provide health insurance coverage for people with low incomes who cannot afford to buy private insurance coverage. Certain disabled individuals, including those receiving Supplemental Security Income, are also going to be eligible for Medicaid in appropriate circumstances, as are some seniors who have substantial medical needs or who require costly nursing home care.
In New York, the Department of Health provides information on the Medicaid program within the state. New York is one of many, but not all, states throughout the county which accepted Medicaid expansion made possible under the Affordable Care Act. This made Medicaid available to many more families, sometimes with income up to 400 percent of the poverty level.
Medicaid looks at family income, based on the size of your family, in order to determine if you can qualify for insurance coverage or not. Financial resources and assets are also an important factor in assessing Medicaid coverage. If you have too many assets, you are not going to be eligible for Medicaid until you have spent your resources down and fallen below Medicaid’s allowable limits.
How Can You Get Medicaid Coverage?
Getting Medicaid coverage is important for lots of New Yorkers, including some seniors who do not fall into the typical group of lower income individuals who rely on Medicaid to meet their basic health needs. Qualifying for Medicaid can be important for older people at all different income levels because Medicaid is the only insurance provider that will pay bills for routine care in a nursing home. Specialized services provided over a limited duration in a nursing home are covered by Medicare and private insurance under appropriate circumstances, but the kind of normal daily care most people need is not covered by anything but Medicaid.
If you are a senior and you don’t want to have to spend all of your personal wealth on nursing home care, you want to work with a Medicaid planning lawyer. Your attorney can help you to answer the question of what is Medicaid? and can assist you in finding out eligibility rules and requirements. If you have too many resources to get covered, Mark S. Eghrari & Associates PLLC will help you to create a Medicaid plan that protects as many assets as possible through strategic transfers and strategic structuring of asset ownership. Because of Medicaid rules, you should try to work with an experienced attorney at least five years before nursing home care is actually needed.
Getting Help from A New York Medicaid Planning Lawyer?
To find out more about what Medicaid is and why you may need Medicaid coverage, join us for a free seminar. You can also give us a call at (631) 265-0599 or contact us online to speak with a New York Medicaid planning lawyer in order to discover how Medicaid coverage works.
We can let you know not just what is Medicaid, but also let you know what you need to do to get Medicaid to pay your nursing home bills and other costly medical bills. Give us a call today to find out more.