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How Medicaid Protects Our Seniors

You have worked hard over the years to acquire the assets you have as a senior in retirement. But as you age, you will likely begin to face more serious and more expensive medical needs than you have ever experienced in your past. Protecting your assets is important to maintaining the financial stability of your own future and the legacy you leave behind for your beneficiaries. With the rising costs of medical care, long-term care, and prescriptions, seniors today are facing significant challenges in preserving their well-earned assets while also keeping up with the rising costs of their care needs. Even if you don’t need the assistance of Medicaid benefits now, you will likely need them at some point in the future, and careful Medicaid planning now can ensure your assets and financial stability are secure when that time comes.

Medicaid can help cover the costs of long-term care

Many individuals wrongly assume Medicare will cover the costs of their long-term care when the day such care is needed arrives. However, neither Medicare nor any private health insurance policies will cover the costs of long-term care such as a nursing home or assisted living community. Medicare supplement insurance only fills in the holes in Medicare covered expenses, which means it also will not cover the cost of long-term care. The only coverage Medicare will provide for long-term care is for the costs of skilled nursing, which is only the care that is provided by a trained medical professional and does not include the costs of living in the long-term care facility. The only exception to private insurance covering long-term care expenses is if you were able to obtain and maintain a specific long-term care insurance policy over the years.

Medicaid can help cover Medicare out-of-pocket costs

Medicare Part A covers the cost of your medical care while you are an inpatient in the hospital and Medicare Part B provides coverage for medical care received when you are not an inpatient in the hospital. However, Medicare does not cover all of your medical expenses. Even with Medicare, you will still be responsible for deductibles, 20% co-insurance costs, and co-pays for prescription drugs. Medicaid can help fill in the gaps in your Medicare coverage by assisting you in covering your Medicare deductibles, co-insurance, and prescription drug co-pay costs.

Medicaid can help you pay your Medicare premiums

One major misconception about Medicare is that it is free. However, the Medicare taxes you paid over the years only go towards your Medicare Part A premiums. You will still be responsible for your Medicare Part B premiums. Currently the standard Medicare Part B premium is $135.50 per month. Your Medicare Part B premium is typically deducted from your social security check. However, seniors who meet the low-income eligibility requirements for Medicaid may be able to have these Medicare premiums covered by Medicaid benefits.

The best time to prepare for future unknowns is now. The compassionate Medicaid planning attorneys at Stockton & Stern, LLC. have the experience necessary to be your trusted advisors and guide you through the complicated Medicaid planning and application process. Our lawyers are well versed in today’s Medicaid and estate planning laws needed to protect your family’s financial future and ensure you receive the care you need. To schedule your appointment to speak with one of our trusted Medicaid planning advisors call us at 913-856-2828 or contact us online today. We have offices conveniently located in Gardner and Overland Park, and help individuals and families throughout the surrounding areas.