Last week we wrote a short piece on how Medicare relates to long term care. You can read it HERE. As we pointed out, these services are quite different from insurance for long term care. This week we’re taking a quick look at Medicaid, and what type of long term care coverage you can expect from that.
Wikipedia defines Medicaid as:
Medicaid is the United States health program for eligible individuals and families with low incomes and resources.
It’s important to note, though, that even those with low incomes may not be covered by Medicaid. According to the US Department of Health and Human Services website:
Medicaid is available only to certain low-income individuals and families who fit into an eligibility group that is recognized by federal and state law.
What does this mean for you? Were you depending on Medicaid for long term care coverage? Some things to keep in mind:
- Medicaid is a national welfare program created for the poor. Even though you have little income, the government may think otherwise.
- Provides primarily for institutional care
- You must meet asset and income spend-down guidelines to meet welfare standards.
- Access is becoming MORE RESTRICTIVE. The government has sent clear messages that Medicaid will no longer be a viable option for long term care planning.
- Avoid indignities of Medicaid
Furthermore, medicaid guidelines and health care coverage may vary greatly from state to state. This page will help clarify medicaid coverage for your state.
Do you want to risk not having long term care coverage while you age? Long term care insurance may not be for everyone, but it can surely help alleviate some of these concerns.
LTC Connects can provide you with state long term care insurance quotes from the countries top providers. If you just have some questions and would like to speak to a LTC specialists, please contact us and we can answer any questions you may have regarding medicare medicaid services as well as long term care.
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