The Top 8 Reasons Why You Should Consider Getting Medicaid
- Author: Jeffrey Simmons
- Posted: 2024-06-19
1. Medicare and Insurance May Not Cover the Entire Medical Costs You Might Think They Do
You need to understand that insurance doesn't cater to long-term care. Also, Medicare may not cover the long-term care costs you might need. Primarily, Medicare only covers the first 100 days of your nursing home stay and only fully pays for 20 of those. Medicare will only pay partial amounts for the remaining 80 days, while you must get the balance elsewhere.
2. You Might Need to Pay Over $100,000 for Assisted Living Care
From research conducted by the American Department of Health and Human Services, around 70% of U.S citizens who are 65 years and above will need some long-term care at some point in their lives. You will need to have Medicaid from the above information because Medicare will not cover those costs.
3. Prior Planning Will Increase Your Eligibility Chances
Before qualifying for Medicaid, the responsible officials will analyze your assets for the five previous years. They will also evaluate the assets' 60 months history period to check if any of you transferred any of them at an amount less than the fair market value. Medicaid would provide a penalty period where you cannot qualify for the plan if you gave out some assets within the last half-decade.
You will temporarily not qualify if you reduce your assets within the period to meet Medicare eligibility. Hence, the best time to consider Medicare should be five years before the application for the long-term care plan. That will allow you enough time to preserve the assets for the five years considered by the shortlisting committee.
4. Planning Ahead Will Help You Reduce Your Assets Wisely
According to experts, when your time requires long-term care approaches, you should only apply for Medicaid if your assets are $100,000 or below for single people and $240,000 or less for those in marriage. The amount will allow you ample time to bring together all the required documents and reduce some of your expenses to reasonable expenses.
5. You Will Enjoy Better Peace of Mind
It may be challenging planning for your long-term care and retirement years. It would be best for you to plan and consider your wishes and desires to enjoy the assurance and comfort you and your loved ones would want.
6. Some Illnesses May Need Better Planning
You may need earlier planning for some illnesses if you want Medicaid assistance to get proper long-term care because you might stay in a nursing home for an extended duration. Some ailments include cancer, diabetes, and dementia, among others.
7. It Will Reduce Stress for Your Family and Loved Ones
Understanding what you need to have to qualify for Medicaid assistance and planning will help you know how to handle the costs you will need for long-term care and prevent them from befalling your loved ones and family members.
8. You Will Get Medicaid Assistance and Save the Cash You Would Have to Use for Long-Term Care
Once you get Medicare, it will cover your long-term care and allow you to spend your savings on other essential matters. You will also enjoy peace of mind knowing that your better half and other family members have enough for their needs.
Although most people who apply for Medicaid are middle-class seniors, younger adults must consider its eligibility. You need proper planning and checking that your assets and liabilities are in the appropriate structure to qualify for long-term Medicaid. From the information provided above, you will understand why you should consider getting Medicaid and what you should do to increase your qualifications. It will also help you know how to avoid spending your savings on long-term care instead of saving for retirement.
