Medicaid planning can seem like an intimidating concept to those who are unfamiliar with it. However, understanding the basics of Medicaid planning will go a long way toward helping your loved ones have peace of mind during such an emotional time. To learn more about Medicaid planning, check out this quick guide below and begin planning for the Medicaid benefits you deserve today!
What is Medicaid?
Medicaid is a health insurance program for low-income individuals and families. It is a federal and state government project administered by the states. Medicaid covers many health care services, including doctor visits, hospital stays, prescription drugs, vision care, and more. In order to be eligible for Medicaid, you must meet certain income and asset requirements.
Who Qualifies For The Program?
To qualify for the program, an individual must be disabled, blind, or 65 years of age or older. The disabled person must also meet certain income and resource requirements. To be considered disabled, a person must not be able to engage in any substantial gainful activity (SGA) because of a physical or mental impairment that is expected to last for at least 12 months or result in death. If you are eligible for both Medicare and Medicaid, you are said to be dual-eligible.
How to Obtain Medicaid Benefits
Fill out a Medicaid Application
First, you must complete a Medicaid application to qualify for Medicaid benefits. The application process is complicated and needs to be completed in detail, but there are resources available that can help walk you through the Medicaid planning process.
Provide all the Necessary Documentation according to State Regulations
Your Medicaid application must be accompanied by several other documentation to be complete. These documents include a list of your current assets, income, expenses, and family members with information about their income or resources. It may also require you to provide legal proof of birth or immigration status and copies of your tax returns from the past three years.
Qualification for Medicaid Perks
After the frustrating application process, you might find that you don’t merit Medicaid benefits. Don’t fret! There is still an option available to protect your Medicaid health care coverage. For example, you can join a Pooled Income Trust and increase your chances of qualifying.
Implications of Joining a Pooled Trust
You can improve your Medicaid income eligibility by joining a Pooled Trust. A Pooled Income Trust may be an option if you applied for Medicaid and were advised that you have extra income, surplus income, or need to spend down. With no pooling trust, you will have to pay Medicaid instead of using your extra money for monthly bills. A pooled trust application can be started if desired from the beginning of the Medicaid application process. You’ll avoid weeks of frustration this way and get certified sooner.
Now that you know all there is about Medicaid planning, what are you waiting for? Head to the federal government’s website and start filling out the application today!