Factors to consider when applying for Medicaid

Factors to consider when applying for Medicaid

Medicaid is a federal program that was designed to provide medical care to those who cannot afford to pay for insurance or treatment. Established in 1965, it is funded jointly by the federal government and individual states. Medicaid typically provides coverage for things such as physician visits, prescription drugs, dental and vision care, and surgeries and hospitalization, inpatient care, outpatient care, laboratory services and nursing home care.

There are many different groups who may be eligible for Medicaid. Individuals who are over age 65 with limited resources make up one of the biggest groups of Medicaid recipients. However, simply being aged 65 with limited income does not necessarily make you eligible for Medicaid. There are many other factors that need to be considered, including both income requirements and medical needs.

Citizenship Requirements

In order to qualify for Medicaid, you must be either a U.S citizen, or you must establish U.S. citizenship prior to applying for Medicaid.

Income Requirements

Because Medicaid is funded in part by each individual state, the income requirements can and do vary widely. To find the income levels for Medicaid in your state, contact your state Medicaid office.

Restrictions on Resources

One of the most misunderstood parts of Medicaid eligibility is the restrictions that apply to each individual's financial position. This is separate from the income requirement, and refers specifically to how many financial resources a person has. Financial resources are considered to be cash, or any other liquid assets that a person owns or has access to.

Some examples of liquid assets include:

Real estate, other than the home in which you live

Automobiles, motorcycles, RV's

Whole life insurance policies with cash values

Bank accounts, including certificates of deposit, bonds, stocks, and annuities

These assets can directly affect not only the eligibility for Medicaid, but the amount of medical expenses that Medicaid will cover. It is critical that you take all of these into consideration prior to applying for Medicaid.

This information is intended for informational and educational use. The laws concerning Medicaid change every year and eligibility does vary from state to state. To get the most up to date information for your state, contact your state Medicaid office.

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