Medicare and Medicaid

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Category: Education
     
 

Presentation Description

This presentation talks about the two different government programs that provide health insurance to people in America especially in Connecticut area.

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Presentation Transcript

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Medicare & Medicaid What's the Difference?

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Government Funded Health Insurance

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Medicare and Medicaid are two different government programs that provide health insurance to people in America

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Though they are both insurance programs, there are considerable differences between them

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Medicare for Seniors

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Medicare is a program that provides health insurance for senior citizens

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People who have paid into the program sufficiently during their working years qualify at the age of 65

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This is the current age of eligibility

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However , there has been talk of increasing it to save money

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Medicare Comes in Different Parts

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There are different parts that comprise Medicare as a whole

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There are different parts that comprise Medicare as a whole

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Medicaid Is a Need-Based Program

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If you qualify Medicare is available to you regardless of your level of financial need

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You could be a billionaire and still qualify for Medicare

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On the other hand, Medicaid is a need-based program

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It is only available to people who have very limited financial resources

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Medicaid Upper Asset Limit

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Medicaid is a jointly run federal-state program

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As a result, the guidelines are slightly different state-by-state

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Generally speaking, the upper asset limit for Medicaid eligibility is $2000

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Everything that you own does not count

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Your home would not count up to an upper equity limit that stands at $802,000 in Connecticut in 2013

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Why Medicaid?

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You may wonder why Medicaid is relevant to someone who would be eligible for Medicare coverage

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The answer is that Medicare does not pay for long-term care

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Medicaid is relied upon by most senior citizens who are residing in nursing homes

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Hartford CT Medicaid Planning Hartford CT Medicaid Planning

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It is possible to work within the program rules and qualify for the Medicaid program while keeping a maximum store of assets in the family

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If you would like to explore these strategies contact our firm schedule a free consultation

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Nirenstein & Horowitz (860) 548-1000 www.preserveyourestate.net

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