Currently, Medicare and Medicaid are the two main medical programs offered by the government to give health benefits to senior citizens. Medicare is the main program that is offered to people who are 65 and older, and to people with certain disabilities who are younger than the age of 65. Medicaid can supplement this system for senior citizens or anyone else who is on a limited income. However, with so many different plans and parts, it can be hard to understand just how your Medicaid assistance works. Before understanding Medicaid, it is important to understand how Medicare itself works.

The program has two parts, which are known as Part A and Part B. You can have Part A without Part B and vice versa, so knowing if you are covered for both is important. Part A works to cover hospitalization insurance, and Part B is medical insurance. Understanding what each of these parts can cover can better help you understand your benefits. Part A is used to cover home health care such as care in a hospital or nursing home. The price for this part of Medicare is determined by the taxes that you pay over the course of your lifetime.

If you and your spouse have paid in enough money, there is no monthly fee associated with Part A. Otherwise, Part A will cost a premium for those who haven’t paid in, just like regular health insurance. Part B is what helps pay for doctor’s services and other preventative measures, such as flu shots and other immunizations. Part B will always cost a monthly premium, which has hovered around $100 for the past few years. While both Part A and Part B can be separate, choosing which coverage you need is important. If both Part A and Part B are chosen, there is a deductible just as with any other insurance service.

If this is found to be too much, another different and supplemental policy called Medigap can be purchased, which will help cover some of the other costs in Medicare coverage such as coinsurances and deductibles. Supplementing Medicare is Medicaid, which is a program to help low-income people obtain health insurance. Both the Federal and your state government has a hand in running Medicaid, and each states’ rules are different depending on where you live. The basic rules for being eligible for Medicaid are taken from the recipient’s income and assets to determine if they are eligible for community Medicaid.

If you are not sure if you are qualified to receive Medicaid, the best thing to do is obtain some Medicaid information from your state’s office to determine the rules of eligibility. There are also private companies who can help you qualify for Medicaid. If you believe you or your loved one is eligible to receive Medicaid benefits in addition to their Medicare benefits, you’ll need to fill out Medicaid applications to get your name into the system. Qualified caseworkers are available to assist you in the application process, so if you have any questions, you will be guided through the entire set up with ease.

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is here to advise and assist you with your Medicaid process. We will provide Medicaid information, initial consultation, Medicaid applications,
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, and quality homecare services while your Medicaid application is pending.

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• Florida Medicaid Law Changes Enacted

On February 1, 2006 the House of Representatives passed the 776 page Deficit Reduction Act of 2005 which includes those Florida Medicaid changes we wrote about last time. President Bush signed the legislation on February 8, 2006 thus making these changes the law of the land.

As with any major legislative initiative, the full ramifications of these changes won’t be known for several months. As the ramifications become clear, we will advise you as planning for the changes is now critically important. We will dissect them one by one and point out the major changes and Medicaid planning opportunities under the new law.

In the meantime, certain aspects of the bill are clear at this time. The first is that the Medicaid gifting or asset transfer rules have been changed so that the “lookback” period for all asset transfers is now 5 years. This includes any transfers made on or transfers which did not involve a trust resulted in asset transfer penalties of no more than 3 years. Now, under the new legislation, all asset transfers will have a look back period of 5 years.

In addition, the start of the Florida Medicaid penalty period won’t begin until the Medicaid applicant is already spent down. For instance, under the old rules…a gift of $30,000 would create a penalty period of approximately 7 months from the date of the gift.

Under the new law, that period of Medicaid ineligibility will not begin until the gift has been made and the spend down has been completed. Only then will the Medicaid penalty period begin, meaning that the gifted funds may have to be given back to pay for care. You can imagine the nightmares this may cause for unsuspecting nursing home residents and their families!

In addition, the new Florida Medicaid law make any individual with home equity of more than $500,000 (or if the states elect, they can raise this to $750,000) ineligible for Florida Medicaid. In other words, under the old Florida Medicaid law the home was an exempt asset. Under the new Florida Medicaid law the home may be exempt asset, but only so long as the home equity is not greater than $500,000.

The new Florida Medicaid law also changes the annuity rules. Annuities will be treated differently under the new law. In addition, the Medicaid law will require the State to be named as the remainder beneficiary on annuities.

The bottom line, as we will explain in coming months, is that the new Florida Medicaid laws will greatly complicate the Medicaid application process. Individuals may find that inadvertent transfers may prevent them from qualifying for Florida Medicaid. The advice of an experienced elder law attorney will now become more important than ever under these new rules. It is more critical than ever to begin planning early. Don’t wait!

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Florida Medicaid article about the Florida Medicaid law changes
and what it means to your family! For more Medicaid resources visit
http://www.medicaidsecrets.info/Florida_Medicaid.htm

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• An Informational Guide To Medicaid And How It Works