Healthcare: Acute Care
Medicare: Sorting Through the Options
Medicare is a health insurance program for people aged 65 and older and those with certain disabilities who have qualified for Social Security or have end-stage renal disease.
Switching from traditional health insurance to Medicare is something many seniors look forward to. Unfortunately, making the move can be a complicated and often frustrating experience. From knowing when to enroll to finding an affordable prescription plan that covers your medications, it takes an expert to understand the system and make sure you select the best combination of benefits.
At Senior Financial Life, we have the expertise and know-how to make Medicare work for you. We’ll help you understand your choices and explore all available options, including:
- Original Medicare (Part A and Part B)
- Medicare Advantage vs Medicare Supplemental Plans
- Medicare Prescription Drug Plans
- How your employer’s retiree coverage compares to a private plan
Medicare Enrollment Basics:
- Your initial election period begins three months before you turn 65, includes the month you become 65, and the following three months or December 31st of that year.
- You can enroll online at www.Medicare.gov, at your local Social Security office, or through the mail.
- The annual Medicare open enrollment period is October 7 to December 15.
- Once you have Parts A and B, you can choose to enroll in either a Medicare Supplement and Part D (prescriptions) plan or a Medicare Advantage plan which can include prescriptions.
Medicaid: Who Qualifies?
Medicaid is a joint federal and state program that provides healthcare services to 72 million Americans and is the largest payor of long-term care services. In most states, coverage is limited to nursing home or skilled nursing facility care only.
The basis for qualifying for Medicaid is your modified adjusted gross income (MAGI). Medicaid eligibility for individuals 65 and older or who have blindness or a disability is generally determined using the income methodologies of the SSI program administered by the Social Security Administration. Each state sets its own criteria, but the general rule is:
- Assets of $2,000 or less if single
- 50% of Assets up to $134,700 if married
You will be allowed to keep your primary home if your spouse or a child who helped care for you is still living there, and one automobile.
Medicaid will review your finances when you apply. Any assets transferred out of your estate during the last five years will trigger a penalty that will delay the onset of benefits. Lawyers can be penalized for creating Medicaid Trusts, so even these must be done well before Medicaid applications are even being considered. In addition, Medicaid will try to recoup the funds provided from your estate, and in some states will also request repayment from your children.