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Getting ahead of the curve with Medicaid planning

On Behalf of | Apr 24, 2018 | Firm News

No likes to contemplate aging or their own mortality. But to get the most out of your senior years requires planning while you are still young and healthy.

When you are thinking about applying for Medicaid, it is important to plan far ahead in advance. This is because Medicaid does not just take into account your current financial situation. It also looks at your financial situation over the past five years. In addition, there are many regulations in place to prevent people from taking advantage of the system.

What is the difference between Medicare and Medicaid?

Medicare is a health care program that has been created for the benefit of aging and elderly people. It can also be available for certain disabled people. It is in place to help people be able to afford their increasing medical bills as they age.

Both Medicare and Medicaid are programs that are run federally, and therefore they are available to eligible people across the country. However, there are some very important differences that you should be aware of as a potential applicant.

The Medicare program is dependent on age and ability, rather than income. This means that people can qualify for Medicare from the age of 62, or even earlier if they have a serious disability. The Medicaid program is irrespective of age, but is available to those who can prove that they have a low income. This means that in order to qualify for Medicaid, you must be able to show that you few resources at your disposal.

How can I qualify for Medicaid successfully?

Recently, the Affordable Care Act created new ways for finances to be calculated to establish whether an individual or household is eligible for Medicaid. This is done through Modified Adjusted Gross Income (MAGI). Therefore, you and your household may be eligible for Medicaid even if you believe that your income is too high. This is because the MAGI method takes into account taxable income and the way that taxes have been filed.

In addition, some people are exempt from financial testing when applying for Medicaid. This is true for those who suffer from blindness or another severe disability.

If you want to know whether you are eligible for Medicaid or Medicare, it is a good idea to conduct thorough research about the eligibility process.


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