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Medicaid is one of the most important social welfare programs in the U.S. The program helps millions of Americans get access to healthcare every year. This November, Medicaid open enrollment begins and many individuals may have questions about how the program works.
What is Medicaid?
Medicaid is a government-sponsored health insurance program that provides coverage to certain Americans. The federal government and each state's Medicaid office jointly run the program.
Who is Eligible for Medicaid?
To be eligible for Medicaid, you must meet certain income and asset requirements. Additional factors considered for Medicaid qualification typically include:
- Age;
- Disability;
- Pregnancy;
- Children; and other factors.
In Wisconsin, there are multiple types of Medicaid programs. Learn more by visiting the state’s Medicaid website to see what might be the best program for you.
What is the Difference Between Medicaid and Medicare?
Medicaid is a health insurance program for individuals who meet specific requirements. Medicare is a health insurance program for seniors and people with disabilities. Medicaid covers a broader range of people than Medicare, but Medicare provides more comprehensive coverage. Learn more about the differences between the two programs here.
What Are the Benefits of Medicaid?
Medicaid provides a wide range of medical benefits to its enrollees. These benefits can include:
- Doctor's visits;
- In-patient and out-patient hospital stays;
- Transportation to medical care;
- Lab tests and x-rays;
- Prescription drugs;
- Vaccinations;
- Additional preventative care;
- Cancer screenings;
- Home health services; and,
- Long-term care.
What Happens if I Qualify for Medicaid?
If you qualify for Medicaid, you will be enrolled in the program and will start receiving benefits. You will need to renew your enrollment each year and you may be asked to provide information about your income and assets to ensure you still qualify.
How Much Does Medicaid Cost?
Medicaid is typically free or low-cost to eligible individuals. Most people who enroll in Medicaid pay no monthly premiums and many also don't have to pay any out-of-pocket costs for their medical care.
If you have Medicare, you will have to pay monthly premiums as well as other costs like copays and deductibles. However, if you have both Medicare and Medicaid, Medicaid coverage can make up for some of the costs you would typically have to pay because of Medicare.
What if I Have Private Health Insurance?
If you have private health insurance, you can still qualify for Medicaid. In fact, many people who have private health insurance also enroll in Medicaid to help cover their medical costs.
How Long Can I Stay on Medicaid?
Your eligibility for Medicaid depends on your income and assets. You may no longer qualify for Medicaid if your income or assets change. However, some people can stay on Medicaid even if their income or assets increase.
Additionally, if you were to move out of state, you must report this move which could impact your continued eligibility for Medicaid.
Why Should I Contact an Elder Law Attorney About Medicaid?
An elder law attorney can help you understand how Medicaid works and how it can benefit you. When you contact Krause Estate Planning, we can also help you plan for your future potential long-term care needs.
In many cases, individuals may feel they may not meet the income requirements for Medicaid. However, when contracting our experienced elder law team, we can show you ways to make this possible.
If you are interested in learning more about Medicaid or to see if you can qualify, contact Krause Estate Planning online or by phone. (608) 344-5491 Our dedicated team is ready to help you no matter if you’re unsure if you qualify for Medicaid or want help to get started. We serve communities throughout Wisconsin including Janesville, Madison, Middleton, Milwaukee, Oregon, Sun Prairie, Verona, and Waunakee.