Do I Qualify For Medicaid?
'Poor-people' is what most think of when Medicaid is mentioned. A closer look at Medicaid reveals that the program does far more than assist the poor. Medicaid is a State and Federal program that will pay most nursing home costs for two-thirds of all nursing home residents. As I discussed in another post, the cost of nursing home care is daunting to say the least. Medicaid was established to help a broad range of people deal with the financial pressures of long-term care.
Generally, in order to become eligible for Medicaid, personal assets be used first. People who may never have considered themselves to be eligible for Medicare, may become eligible depending on; annual income, marital status and assets. The ultimate determination of eligibility is determined by the individual State.
I came across this Wall Street Journal article explaining the complexities involved in the calculation of Medicaid eligibility. Medicaid forms can be found here.
Generally, in order to become eligible for Medicaid, personal assets be used first. People who may never have considered themselves to be eligible for Medicare, may become eligible depending on; annual income, marital status and assets. The ultimate determination of eligibility is determined by the individual State.
I came across this Wall Street Journal article explaining the complexities involved in the calculation of Medicaid eligibility. Medicaid forms can be found here.
Failure to account for the cost of nursing facility care is the main cause of impoverishment among the elderly. An American Health Care Association report recently reported that the average American man is expected to spend $56,895 in long-term care expenses. The average long term care cost for American women is $124,370. Private health insurance generally does not cover extend stays at nursing facilities. Therefore, even for people with means, an admission to a nursing home or skilled care facility means a rapid drain of personal funds.
