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Medicaid Insurance Policies Q&A

Benefits are available to help pay for long-term care. We’ll help you qualify.

Question: There’s No Such Thing As A Medicaid Insurance Policy?

Answer: Since Medicaid is a government program, there is no such thing as a Medicaid policy. You either are in the program, or you are not.

There is long-term care insurance, which is essentially the only way to pay for custodial care. Custodial care refers to care that helps to assist individuals in their daily living activities and tasks. However, few people have long-term care insurance.

There is also Medicare, another benefit that you get once you reach the age of 65. Supplemental insurance plans are also available to cover what Medicare Parts A and B don’t cover, including hospital stays and rehabilitation center stays. However, when Medicare A and B stop paying for services, supplemental insurance stops paying. Most importantly, whether it benefits from retirement plans or a plan you purchased on your own, supplemental plans do not pay for custodial care. 

To pay for custodial care, you either need a long-term care insurance plan, pay out of pocket, be part of a program such as Medicaid, or have VA benefits. 

What Is Medicaid?

Medicaid is a public health insurance program for low-income people funded both federally and at the state level. While there are set requirements and regulations on the federal level, the shots are ultimately called on the state level, meaning the regulations in one state may vary to some degree from the regulations in another state.

The state can only be more generous; they cannot be less generous than what the federal government has set in place. Each state can determine the services covered, the populations covered, the models through which the health care is delivered, and the method by which the hospitals and physicians are paid. Regardless of the difference in regulations from state to state, federal law states that if the American meets the eligibility requirements, they are guaranteed coverage.    

The Medicaid program helps those with low income, or particularly costly healthcare needs to pay for the care. Most of those who use Medicaid cannot otherwise access affordable healthcare in other ways. This is why Medicaid has become the main source of long-term care coverage for many Americans. Long-term care refers to many services that aren’t otherwise covered by typical health insurance policies.    

What Does Medicaid Cover?

Medicaid can cover many health services, and it helps pay for the person’s out-of-pocket costs. While benefits may vary by state, there are mandatory benefits on the federal level, including outpatient and inpatient hospital services, x-ray and laboratory services, physician services, home health services, and much more. 

Medicaid vs. Medicare

Medicare and Medicaid are very different in most ways, aside from a portion of their name and the fact that they help certain people pay for health services. While Medicaid is in place to help those who can’t afford their healthcare coverage, Medicare is in place to help those who have reached the age of 65 pay for their healthcare.  

Medicare is a federal health insurance program for people aged 65 and older or with certain disabilities or End-Stage Renal Disease. There are multiple parts of Medicare that offer coverage for different things. Part A covers inpatient hospital care, nursing facilities, hospice care, and other home health services. Part B covers outpatient care, physician services, medical supplies, and preventive services. Part D covers prescription drug costs.  

Why Plan for Long-Term Care?

While long-term care may not be something you wish to think about, it’s an important part of any financial plan. Your health insurance won’t help cover long-term care costs, and Medicare or Medicaid only cover certain health services, which don’t typically include the custodial care that may be needed. Whether you need care or looking into it for a loved one, it’s important to find a program or plan that will be the most beneficial. 

Health insurance doesn’t typically cover long-term care. Even if you find a policy with long-term care coverage, it may be too late to qualify for it. For most who start looking into long-term care. Whether you’ve already reached a certain age or have been diagnosed with a debilitating condition, you may be left with few options. When you plan for long-term care, you’ll protect your savings, but you’ll also gain access to more choices regarding the care you need. 

What You Can Do

Call us today to schedule your free initial consultation with one of our expert team members. Senior Solutions Consulting can help you navigate the financial aid side of Medicaid, long-term care, spousal financial support and VA Aid & Attendance. We can help with anything from life insurance policies to health insurance policies, finances, choosing the right care facility, hospitals you visit, and navigating family members and taxes. 

We’ve helped over 1,750 veterans and spouses obtain benefits, and over 1,200 families qualify for Medicaid so that everyone can get the health care they need and deserve.

Healthcare programs and information have become complicated. It can be difficult to navigate what is important to you and how you can get the most out of a certain insurance policy or federal health program. When it becomes time to find long-term care services, whether for yourself, your spouse, or an elderly family member, it can feel like diving into the deep end. 

At Senior Solutions, we take it upon ourselves to ensure that all seniors know and take advantage of their rights. We work to find the benefits program that will be the most beneficial. Whether you need immediate assistance or have a few questions, we can help.

When you have questions about benefits for long-term care, SSC has answers!

Wesley A. Young

Position
President of Senior Solutions Consulting, Inc. I provide our clients with the best possible strategy to obtain their goals. Finally, I oversee the entire process to confirm that all aspects of the planning are completed.


Quote
“I shall pass through this life but once. Any good therefore, that I can do, or any kindness I can show, let me do it now. Let me not defer or neglect it. For I shall never pass this way again.” – Etienne de Grellet.


Bio
The focus of my practice is in the area of Medicaid and Veteran’s Benefits. Since 2000 I have worked on more than 1000 Medicaid cases and over 1500 Veteran’s Benefits cases. I take pride in explaining all options available to my clients and help families qualify for benefit programs to help pay for care.


5 Adjectives
Caring, Loyal, Passionate, Creative, Outside the Box


Personal
My wife, Connie, and I have been married since 1990, and have 4 active boys.


Stats

Matthew Albean

Position
Principal at Senior Solutions Consulting, Inc. I strategize with Wesley to develop the best possible plan for our clients immediate, and long-term goals.


Quote
“Never, ever ever ever ever give up.” – Winston Churchill


Bio
With over 33 years of experience in investment and financial planning, I focus on the best possible way to plan, protect, preserve and grow assets for our clients based upon our developed plan. With over 1,500 clients, there is no cookie cutter approach to our planning as each client’s situation is unique and demands a unique plan.


5 Adjectives
Helpful, Loyal, Assertive, Determined, Responsible


Personal
A lifelong Hoosier, my wife, Karen, and I have been married for 34 years and have 2 adult daughters. My hobbies include traveling, attending IndyCar races, and enjoying time with my family.


Stats

Kerry Mann

Position
Attorney/Advisor


Bio
Kerry W. Mann was born a Hoosier and attended law school at the IU McKinney School of Law. He served nine years on active duty military in the U.S. Army and is currently an active Army Reservist. Throughout his career, Kerry has championed the causes for veterans and their families. Kerry demonstrates his love of country and for veterans in his approach to helping the elderly, especially veterans.

Kerry focuses his legal practice on wills, trusts, estates, probate and real estate. His friendship and professional relationship with Matt and Wes has culminated in the co-locating of an office within Senior Solutions Consulting to better serve their joint clients. Kerry makes himself available to all clients and will often travel to their place of residence to assist them in their legal needs.

When Kerry is not in the office or available to his client’s he is with his wife and four children traveling, drag racing or attending events in which his children are participating.