Medicaid Insurance Policies Q&A

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 1,500 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.