medicare - financial
Print this page
Summary of Medicare benefits, rights and protections, and answers to the most frequently asked questions about Medicare. (PDF, 136 pages)
If you're curious about how much care costs, this reference provides national and state averages.
This site offers details on Medicare coverage, plan options, and downloadable forms for claims and appeals.
Are you wondering if a medical expense is covered by Medicare? Use their calculator on medicare.gov to find out.
How Medicaid Qualification Works
We began by asking the nursing home for general assistance. We were lucky to have a kind and knowledgeable woman named Marie Cauchi from Life Care in Ocala who taught us the basics about Medicaid. We talked to her about our situation, and she let us know that our parents didn't qualify for Medicaid, but we thought it was important to understand the system.
Here’s some essential information about eligibility requirements:
Where Is Eligibility Information Located?
Qualification information is posted online for each state, and you can also call Medicare's toll free line, 800-633-4227, to ask for the Medicaid phone number in your specific state.
Basic Guideline for Eligibility
Medicaid will usually approve those who qualify for Supplemental Security Income (SSI), and so we have attached the 2014 qualification chart to use as a guideline. This should only be used as a point of reference.
What Will Medicaid Review?
Medicaid will look at all of your parent’s income and assets. Usually Medicaid will want the following information: current bank statements for both checking and savings; mortgage or rental information; car ownership information; life insurance policies; income verification; information about pensions, investments, loans, rentals, veteran's benefits; proof of citizenship and age; and medical bills.
How Far Back Will Medicaid Look?
Medicaid may look at your parent's records for the past five years. In particular, Medicaid is exploring any transfers of your parent's assets for less than fair-market value.
Exempt Assets
Medicaid considers certain assets “exempt resources”. For example, your parent can have a home with an equity value of less than $500,000 (up to $750,000 in some states), if your parent, your parent's spouse, or a dependent child lives at the residence. Also exempt are: an automobile, some personal belongings and furniture, term life insurance and an irrevocable burial policy.
States Seek Reimbursement< 2000 ;/span>
Once your parent has passed away, the state will seek reimbursement for any benefits it has paid out. The state cannot go after your parent's home, if your parent's spouse or dependent child still lives in the house. A sibling would also have the right to continue living in the home, if he or she was has an equity interest and lived in the house at least a year before your parent went into the nursing home. It is vitally important to understand the state rules before your parent becomes dependent on Medicaid.
Time of the Application Processing
Medicaid is supposed to respond to applications within 45 days. If your parent's application is accepted, then coverage is retroactive three months prior to the filing of the application.
Here’s some essential information about eligibility requirements:
Where Is Eligibility Information Located?
Qualification information is posted online for each state, and you can also call Medicare's toll free line, 800-633-4227, to ask for the Medicaid phone number in your specific state.
Basic Guideline for Eligibility
Medicaid will usually approve those who qualify for Supplemental Security Income (SSI), and so we have attached the 2014 qualification chart to use as a guideline. This should only be used as a point of reference.
What Will Medicaid Review?
Medicaid will look at all of your parent’s income and assets. Usually Medicaid will want the following information: current bank statements for both checking and savings; mortgage or rental information; car ownership information; life insurance policies; income verification; information about pensions, investments, loans, rentals, veteran's benefits; proof of citizenship and age; and medical bills.
How Far Back Will Medicaid Look?
Medicaid may look at your parent's records for the past five years. In particular, Medicaid is exploring any transfers of your parent's assets for less than fair-market value.
Exempt Assets
Medicaid considers certain assets “exempt resources”. For example, your parent can have a home with an equity value of less than $500,000 (up to $750,000 in some states), if your parent, your parent's spouse, or a dependent child lives at the residence. Also exempt are: an automobile, some personal belongings and furniture, term life insurance and an irrevocable burial policy.
States Seek Reimbursement< 2000 ;/span>
Once your parent has passed away, the state will seek reimbursement for any benefits it has paid out. The state cannot go after your parent's home, if your parent's spouse or dependent child still lives in the house. A sibling would also have the right to continue living in the home, if he or she was has an equity interest and lived in the house at least a year before your parent went into the nursing home. It is vitally important to understand the state rules before your parent becomes dependent on Medicaid.
Time of the Application Processing
Medicaid is supposed to respond to applications within 45 days. If your parent's application is accepted, then coverage is retroactive three months prior to the filing of the application.
Keep a list of questions for the doctor
"Top Ten Things to Know If You're Interested in a Reverse Mortgage" by the U.S. Department of Housing and Urban Development
"How Will the Law Affect Medicare Advantage?" by The New York Times
"How Will the Law Affect Medicare Advantage?" by The New York Times
