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April 4, 2022

When devising a plan for your future it is important to understand the differences between Medicare and Medicaid. It is also equally essential to understand how they work together.

What is Medicare?

Medicare is a federally funded program that provides healthcare coverage to individuals who are 65 and over, or younger people with certain disabilities. However, some individuals may be eligible for Medicaid even though they have Medicare coverage. The assistance of a qualified elder law attorney can assist in understanding the complex requirements for eligibility and devising a plan that will protect your income and assets while you receive quality medical care.

What is Medicaid?

Medicaid is a federal-state health insurance program for the low-income and disabled, but Medicare and Medicaid have different eligibility standards. The two are frequently confused or mistaken for one another; however, they are not the same thing.  Medicaid has strict income and asset requirements when considering if an individual is eligible to receive the benefits.  Specifically, an individual cannot have more than $2,000 in countable assets and no more than $2,523 in monthly income.

How are both Medicare and Medicaid Linked?

The Medicare program covers a wide range of medical expenses including doctor visits and hospital stays. Medicaid is a joint program of the federal and state governments that pays for long-term care if you meet the eligibility requirements or are disabled. In general, Medicare will only pay for up to 100 days of long-term care. So, what happens when you need long-term care beyond 100 days? That’s where Medicaid comes in.  Medicaid may be able to cover a portion or all of the remaining amount for long-term care (or even provide a certain amount of hours for in home care).  It’s best to contact an elder law attorney to get an idea of what strategies exist for your unique situation.

The Florida Medicaid Planning & Elder Law Firm Can Help

It is important to prepare for the unexpected no matter what your age is.  This is true for estate planning and medicaid planning.  This knowledge empowers you to make informed decisions and plan your future. If you are in need of assistance with qualifying and applying for Medicaid, we can help. Give us a call at (954) 999-9683 to schedule an appointment today.