Did you know that, if you meet the Medicare age requirements and your income and assets are low enough to qualify you for Medicaid, you can receive benefits from both programs at the same time? If you need long-term care, such as a nursing home or an assisted living facility, this could be especially helpful. Why?
Although Medicare offers coverage for certain medical costs, it offers only very limited coverage for long-term care. Medicaid, on the other hand, offers substantially more long-term care coverage. So, if you qualify for both, the two programs can work together to cover as much of your care as possible. Here’s how it works:
- Medicaid helps pay for the costs of living associated with long-term care. So, the basic living expenses you incur when you move into a nursing home or assisted living facility can be taken care of, at least in part, by Medicaid.
- Medical expenses that go above and beyond your living expenses are covered, at least in part, by Medicare.
- Plus, when it comes to these medical expenses, Medicaid can pick up where Medicare leaves off. Medicaid helps pay not only for procedures and medications not covered by Medicare, it also helps pay for Medicare premiums and deductibles.
One common myth about Medicaid is that, in order to receive it, you have to be completely destitute. While it’s true that there are strict income and asset limits, with careful planning, you can qualify for Medicaid while preserving property for your loved ones.