While researching the costs older adults often face after retiring, you realize that Medicaid and your savings may not cover everything. Could you qualify for Medicaid and Medicare?
AARP explains how to combine the two programs. By fully understanding your options for long-term care planning, you may relieve yourself of anxiety.
One reason to consider applying for both Medicaid and Medicare is that one program helps fill the gaps left by the other. For instance, some things Medicaid covers that Medicare does not include the Medicare Part B deductibles and premiums, the Medicare Part A deductible, nursing home care and the Medicare Part D deductible and premium. Depending on where you live, Medicaid may pay for physical therapy, dental care, eyeglasses and other benefits left uncovered by Medicare.
Qualifying for full Medicare
You must submit your financial assets and yearly income to determine whether you qualify for Medicare. Program beneficiaries may need to consent to an asset test. Your geographic location determines how much you may have in assets and still qualify for Medicare. Exclusions from the asset test include one motor vehicle, your primary residence, some life insurance policies and some burial expenses. Exercise caution about transferring or selling off assets in the years leading up to applying for Medicare, as there exists an asset lookback period. Even if you think you do not qualify for the program, consider applying anyway, as asset and income requirements vary from state to state.
You may have access to more financial assistance to cover the cost of aging than you realize. Gaining a solid education of your options and how they work may help you enjoy your golden years in good health and without worry.