Since its creation in 1965, the social healthcare program of Medicaid has aided innumerable people with limited means to find the healthcare that they need. For many senior citizens in Maryland, this is the program that allows them to make payments for their long-term care in a nursing home.
But there are some situations in which Medicaid covers these healthcare expenses and other times when it’s not so simple. It’s important to know for sure how much you’ll be paying out of pocket before making the decision to move a loved one into any type of long-term care facility.
Find out whether or not you are eligible
The first step to assessing your Medicaid eligibility is to look into the asset and income requirements. If you’re not already eligible, it might be an option to have some of their assets transferred so that they will meet their state’s Medicaid guidelines.
It should be noted, though, that these asset transfers must have happened no less than five years prior to the individual’s application for Medicaid benefits. Transfers that fall within this five-year “lookback” period may be scrutinized and jeopardize your eligibility.
When isn’t Medicaid the right option?
For those who have a robust estate, they may find that Medicaid alone isn’t able to keep up with all of your long-term care needs. Beyond that, sole reliance on this program for your long-term care insurance might actually pose a risk to your estate.
When most people think of financial aid for seniors, the first program that comes to mind is Medicare, not Medicaid. And while it is true that Medicaid is a crucial component of financing numerous aspects of the lives of these seniors, this help only goes so far. Those who lack a supplemental insurance policy may find themselves paying far more upfront than they could possibly afford.