Why is it important to know the difference between Medicare and Medicaid?

This article discusses the difference between Medicare vs Medicaid medical insurance in long-term custodial care, also known as nursing home care, in Michigan. It is important to understand these distinctions as they can significantly impact an individual's ability to access the health coverage needed for necessary medical treatments. Medicare health insurance only covers up to 100 days in a skilled nursing facility.  Most people will need the assistance that Medicaid coverage provides.

This article is not intended to provide legal advice.  It is for general informational purposes only.

Summary

• Long-term care prices in Michigan are increasing more than the national trend, which means that someone just using Medicare might not be able to afford the treatments they need while in the facility. 

• Medicare part A only covers up to 100 days in a skilled nursing facility, and any services provided...

Today we'll be taking a brief look at some aspects of long-term care. For more detailed information, it’s best to consult with a qualified legal advisor. So think of this as an introduction.

There are many complexities to long-term care planning, it’s important to understand that there are options, and programs intended to help families like yours. Long-term care planning is the best way to ensure you protect as much of your hard-earned assets as the law allows, and to receive the care you need.

Let’s Get Started…

What About Private Long-Term Care Insurance?

Most Americans will not be able to self-insure for Long-Term Care.  Therefore, based upon the current condition of health care, long-term care and Medicaid, if you are insurable and long-term care insurance premiums are affordable, such a policy should be integrated into your estate plan to provide protection without the need for transferring assets. 

Long-term care (LTC) insurance has...

MEDICARE AND MEDICAID...

The Facts...

Eligibility

Medicare is a health-care benefit provided by the federal government to individuals over age 65, or under age 65 and disabled. Medicare covers doctor visits, tests and care provided in a hospital   and limited benefits in a nursing home (see below). 

Medicaid is a health-care benefit provided by the federal government for people under certain asset and income limits.  With nursing home care costs between $70,000 - $100,000/year, even people that consider themselves relatively comfortable financially may eventually need this important benefit. If your income or assets exceed the qualifying limits, you will not be eligible, but with proper planning, you can be. There is no age restriction to qualify.

Qualification

To qualify for Medicare, you must be over 65, and eligible for Social Security benefits. You may also qualify if you are under age 65 and disabled...

Today we'll be taking a brief look at some aspects of long-term care. For more detailed information, it’s best to consult with a qualified legal advisor. So think of this as an introduction.

There are many complexities to long-term care planning, it’s important to understand that there are options, and programs intended to help families like yours. Long-term care planning is the best way to ensure you protect as much of your hard-earned assets as the law allows, and to receive the care you need.

Let’s Get Started…

What About Medicare?

A. Hospital and Post-Hospital Skilled Care

• Contrary to the belief of many seniors, one cannot rely on Medicare for payment of long-term care costs. Although Medicare is available to most individuals age 65 or older, coverage is limited to:  qualified medical expenses (80% of an approved amount for doctors, surgical services, etc.); hospitalization with a deductible of $1,260.00 (total) for the first 60 days...