Healthcare coverage has become one of the central issues in American politics over the last decade or so. While you may not have a real interest in politics, if you are a senior you likely do have an interest is healthcare coverage. For the millions of Americans who do not have private healthcare coverage, or who lose that coverage after they retire, the Medicaid and Medicare programs must fill the gap. Understanding the basics of each program may be beneficial to you if you are deciding which program to apply to for coverage.
- Federally and State funded
- State administered
- Eligibility criteria as well as benefits can vary by state
- No monthly premiums or participation fees
- Can be small co-payments for some services
- Generally covers more services than Medicare
- Income and asset limits apply based on the household
- Must re-qualify on a regular basis
- Federally funded
- Federally administered
- Guidelines and benefits are the same in all states
- Anyone over the age of 65 (and some under if disabled) qualify for participation
- Must pay monthly premiums
- Divided into parts. One part pays for hospital services, another insurance and yet another prescriptions
- No need to re-apply or re-qualify
- No income or asset limits
Although there are income and asset limits for the Medicaid program, it is important to note that there may be estate planning tools that can be used to help you qualify for the program without losing any of your income or assets. Talk to your estate planning attorney for details.
Pyke & Associates, P.C. is a member of the American Academy of Estate Planning Attorneys.