Beruflich Dokumente
Kultur Dokumente
MICHAEL DAVIDOV
NEW YORK ESTATE PLANNING ATTORNEY
Medicaid and Medicare are both government administered health insurance programs. They have similar sounding names, but there are significant differences between them. In this paper we will look at those differences.
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accumulate more than 40 credits. Medicare comes in four different parts: Part A, Part B, Part C, and Part D.
Medicare Part A covers inpatient hospital stays. Medicare Part B covers visits to doctors and outpatient care. Medicare Part C allows recipients to use their benefits to obtain streamlined private coverage. Medicare Part D is an optional prescription drug plan.
When you are looking ahead toward the future with regard to your budget you should understand that there are out-of-pocket costs that Medicare recipients must pay. There is a deductible for Part A coverage, and there can be copayments for prolonged hospital stays. You have to pay a monthly premium for Part B coverage. The exact amount of the premium will vary depending on your income. In 2013 most people who are covered by Medicare Part B are paying $104.90 per month. There are out of pocket costs for the other two portions of the program as well.
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Medicaid and Medicare are both government administered health insurance programs. They have similar sounding names, but there are significant differences between them.
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to be a senior citizen to qualify for Medicaid. You become eligible for Medicare at the age of 65, but people of all ages are enrolled in the Medicaid program. The final difference between Medicare and Medicaid that we would like to highlight is the fact that Medicare won't pay for continued long-term care. Medicaid will pay for an extended stay in a nursing home or assisted living community. This is a huge difference, and it is very relevant when you are planning ahead for the future. Long-term care is very expensive, with a year in a nursing home in the New York metropolitan area averaging over $130,000 at the present time. These expenses are rising year-by-year. If you need long-term care a couple of decades from now, the average costs are likely to be significantly higher.
CONCLUSION
The major differences between Medicaid and Medicare that we have highlighted in this paper are threefold. For one, you gain eligibility for Medicare coverage by accumulating retirement credits while you are working. There is no limit to the financial resources that you can have in your possession if you have accrued the required 40 credits.
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Medicaid is need-based. You can't qualify if your countable assets exceed $14,400. Secondly, you have to be 65 to qualify for Medicare. There is no age requirement for Medicaid coverage. Lastly, Medicare will not pay for extended long-term care. Medicaid will pay for it. Many people who were eligible for Medicare coverage ultimately rely on Medicaid to pay for long-term care. It is possible to preserve property that is earmarked for your loved ones while still gaining Medicaid eligibility if you take the right steps. To explore Medicaid planning strategies, contact a licensed New York elder law attorney.
REFERENCES
Medicare http://www.medicare.gov/ Medicaid http://www.medicaid.gov/
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Davidov Law Group www.davidovlaw.com 80-02 Kew Gardens Road, Suite 605 Kew Gardens, NY 11415 Phone: 718-793-7000 Fax: 718-793-7222
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