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What do you know about these common Medicaid myths?

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What do you know about these common Medicaid myths?

On Behalf of | Sep 7, 2020 | Estate Planning

Either you or your aging parent may want to know how Medicaid works in Colorado. While learning more about the program, ensure that you learn facts rather than fabrications. 

The Huffington Post explores several common Medicaid misconceptions. Proceed with solid, trustworthy information to make the most of this financial safety net. 

“Medicaid and Medicare are essentially the same.”

While Medicare pays for healthcare for older adults and those with disabilities who are younger than 65, the program does not cover long-term care the same as Medicaid does. If you or your parent must live in an assisted living facility, nursing home or tap into home- and community-based services, look into applying for Medicaid rather than Medicare. It is not unusual for people to have both Medicaid and Medicare coverage simultaneously. 

“Everyone qualifies for Medicaid.”

Qualifying for Medicaid is not as simple as meeting Medicare’s eligibility standards, which require a person to reach the age of 65 to qualify for benefits. Medicaid applicants stand the most favorable chance of receiving approval if they have a substantial need for health care, cannot afford to pay for medical care or have little financial savings. 

“Medicaid is the same for everyone.”

Unlike Medicare, a federal program, Medicaid is a state program. That means that different states have different rules for their Medicaid programs. This distinction is especially vital to know for adult children taking care of an aging parent in a different state. Caregivers must learn the specific rules for the state the older adult lives in. 

Learning the facts about Medicaid allows recipients and caretakers to get the most out of the program. Misinformation can lead to expensive mistakes, poor decisions and unnecessary financial hardship.