Medicare and Medicaid have long been a mystery to many consumers. They can confuse even some of the smartest citizens. However, it is never too early to gain a little understanding and awareness that might help you help you or an aging loved one.
Medicare is a federal health insurance program. To receive Medicare, a person must be 65 years of age or disabled. A person can receive Medicare no matter their income or assets. Costs for Medicare are determined by the length of time a person paid Medicare taxes. These costs include premiums, copays, and prescriptions.
Medicare can be confusing because there are four parts: A, B, C, and D. Part A is hospital insurance, Part B is medical insurance, and Part D is prescription drug coverage. Parts A and B are covered in Original Medicare offered by the government. Part C is often called the Medicare Advantage Plan. This is a private health plan. It is required to include the same coverage as Original Medicare but usually includes Part D as well. Do your homework on these plans to find which is most cost effective for you.
Medicaid is for people who cannot afford to pay for their own care. It is based on income and assets and available to eligible groups: children, the disabled, people over age 65, pregnant women, and the parents of eligible children. Seniors who require nursing home care may qualify for Medicaid to help offset the cost of a nursing home.
A person can be eligible for both Medicare and Medicaid and can receive both. The two programs work together to help the recipient best cover the expenses of health care.
Our Medicaid planning attorneys at Pearson Bollman Law can help your elderly loved ones explore the Medicaid process. Our goal is to help you plan for everything you own and everyone you love. Reach out to us today to get the planning process started by calling 515-727-0986.
The attorneys at Pearson Bollman Law practice in the areas of estate planning, probate/trust administration, special needs trusts, and elder law, which includes Medicaid and VA Pension Planning. If you have any questions please give us a call at 515-727-0986.